Exhibit 11.1 Renal Treatment Centers, Inc. and Subsidiaries COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE for the three and six months ended June 30, 1996 Three Months Ended Six Months Ended June 30, 1996 June 30, 1996 Primary Fully Diluted Primary Fully Diluted - ---------------------------------------------------------------------------------------------------------------------- Net income $ 5,123,993 $ 5,123,993 $ 8,282,047 $ 8,282,047 Add back interest on earn out note, tax effected ---- 62,708 ---- 130,373 Add back interest on convertible note, tax effected 223,875 223,875 223,875 223,875 - ---------------------------------------------------------------------------------------------------------------------- Net income available to common stockholders $ 5,347,868 $ 5,410,576 $ 8,505,922 $ 8,636,295 - ---------------------------------------------------------------------------------------------------------------------- Weighted average number shares outstanding 23,671,496 23,671,496 23,612,831 23,612,831 Weighted average number of maximum shares subject to exercise under outstanding stock options 1,789,894 1,789,894 1,591,183 1,591,183 Weighted average shares assumed issued upon conversion of earn out note ---- 519,097 ---- 519,097 Weighted average shares assumed issued upon conversion of convertible note 763,126 763,126 381,563 381,563 - ---------------------------------------------------------------------------------------------------------------------- 26,224,516 26,743,613 25,585,577 26,104,674 Less treasury shares assumed purchased with proceeds from assumed exercise of outstanding common stock options 878,159 863,088 783,605 695,638 - ---------------------------------------------------------------------------------------------------------------------- Weighted average number of common and common stock equivalents outstanding 25,346,357 25,880,525 24,801,972 25,409,036 - ---------------------------------------------------------------------------------------------------------------------- Net income per common and common stock equivalent $0.21 $0.21 $0.34 $0.34 - ---------------------------------------------------------------------------------------------------------------------- Exhibit 11.1 Renal Treatment Centers, Inc. and Subsidiaries COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE for the three and six months ended June 30, 1995 Three Months Ended Six Months Ended June 30, 1995 June 30, 1995 Primary Fully Diluted Primary Fully Diluted Net income $ 3,668,729 $ 3,668,729 $ 5,701,899 $ 5,701,899 Add back interest on Denver earn out note, tax effected ---- 72,705 ---- 147,062 - ---------------------------------------------------------------------------------------------------------------------- Net income available to common stockholders 3,668,729 3,741,434 5,701,899 5,848,961 - ---------------------------------------------------------------------------------------------------------------------- Weighted average number of shares outstanding 21,191,142 21,191,142 21,145,102 21,145,102 Weighted average number of maximum shares subject to exercise under outstanding stock options 1,299,250 1,299,250 1,234,806 1,234,806 Weighted average shares assumed issued upon conversion of earn out note ---- 695,368 ---- 703,650 - ---------------------------------------------------------------------------------------------------------------------- Less treasury shares assumed purchased with proceeds 22,490,392 23,185,760 22,379,908 23,083,558 from assumed exercise of outstanding common stock options 867,710 862,886 804,632 769,504 - ---------------------------------------------------------------------------------------------------------------------- Weighted average number of common and common stock equivalents outstanding 21,622,682 22,322,874 21,575,276 22,314,054 - ---------------------------------------------------------------------------------------------------------------------- Net income per common and common stock equivalent $0.17 $0.17 $0.26 $0.26 - ----------------------------------------------------------------------------------------------------------------------