EXHIBIT 11.1 CRA MANAGED CARE, INC. CALCULATION OF SHARES USED IN DETERMINING EARNINGS PER SHARE AND PRO FORMA EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1995 AND THE THREE MONTHS ENDED MARCH 31, 1995 AND 1996 YEARS ENDED THREE MONTHS ENDED DECEMBER 31, MARCH 31, ------------------- ------------------- 1994 1995 1995 1996 --------- --------- --------- --------- Weighted average number of shares of common stock outstanding during the period................................ 4,700,000 6,413,000 4,700,000 7,373,000 Common stock equivalents, under the treasury stock method................. 115,000 127,000 115,000 177,000 --------- --------- --------- --------- 4,815,000 6,540,000 4,815,000 7,550,000 ========= ========= ========= =========