CRA MANAGED CARE, INC. EXHIBIT 11 Calculation of Shares Used in Determining Earnings Per Share for the Three and Six Months Ended June 30, 1995 and 1996 (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------- ---------------------- 1995 1996 1995 1996 --------- --------- --------- --------- Weighted average number of shares of common stock outstanding during the period 6,378,000 7,954,000 5,539,000 7,663,000 Common stock equivalents, under the treasury stock method 124,000 196,000 120,000 187,000 --------- --------- --------- --------- 6,502,000 8,150,000 5,659,000 7,850,000 ========= ========= ========= =========