1 MEDICAL IMAGING CENTERS OF AMERICA, INC. Exhibit 11 COMPUTATION OF EARNINGS PER SHARE Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- (in thousands except per share information) 1995 1994 1995 1994 - ------------------------------------------ ------------ ------------ ------------ ------------ (B) Net income for computation of primary earnings per share $3,621 $1,347 $5,096 $455 Fully diluted: Adjustment for interest and amortization for the conversion of debentures 141 202 505 --- ------------ ------------ ------------ ------------ Net income for computation of fully diluted earnings per share $3,762 $1,549 $5,601 $455 ============ ============ ============ ============ Average shares: Common shares 2,463 2,426 2,442 2,426 Stock option and warrant equivalent shares 183 4 183 4 ------------ ------------ ------------ ------------ Average shares for computation of primary earnings per share 2,646 2,430 2,625 2,430 Fully diluted: Stock option and warrant equivalent shares - difference from primary(A) --- 59 --- --- Conversion of debentures 547 733 629 --- ------------ ------------ ------------ ------------ Average shares for computation of fully diluted earnings per share 3,193 3,222 3,254 2,430 ============ ============ ============ ============ Net income per share: Primary $1.37 $0.55 $1.94 $0.19 ============ ============ ============ ============ Fully diluted $1.18 $0.48 $1.72 $0.19 ============ ============ ============ ============ (A) In 1995 and 1994, the treasury stock method was used to calculate the common stock equivalent number of shares from options and warrants. (B) Adjustment for interest and amortization and additional shares from the conversion of debentures issued in 1989 are not included in the calculation for the nine months ended September 1994 as their effect would be antidilutive.