Exhibit 11 CRA Managed Care, Inc. CALCULATION OF SHARES USED IN DETERMINING EARNINGS PER SHARE for the Three Months Ended March 31, 1996 and 1997 1996 1997 --------- --------- Weighted average number of shares of common stock outstanding during the period...................... 7,373,000 8,935,000 Common stock equivalents, under the treasury stock method..................................... 177,000 167,000 ---------- ---------- 7,550,000 9,102,000 ---------- ---------- ---------- ---------- 13