Exhibit 11.1
Renal Treatment Centers, Inc. and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
for the three and nine months ended September 30, 1996
Three Months Ended Nine Months Ended
September 30, 1996 September 30, 1996
Primary Fully Diluted Primary Fully Diluted
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Net income $ 4,481,091 $ 4,481,091 $13,091,348 $13,091,348
Add back interest on Denver earn out note, tax effected --- 53,206 --- 183,580
Add back interest on convertible notes, tax effected 1,132,032 1,132,032 1,355,906 1,355,906
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Net income available to common stockholders $ 5,613,123 $ 5,666,329 $14,447,254 $14,630,834
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Weighted average number of shares outstanding 24,300,036 24,300,036 24,164,022 24,164,022
Weighted average number of maximum shares subject
to exercise under outstanding stock options 1,741,535 1,741,535 1,654,288 1,655,655
Weighted average shares assumed issued upon
conversion of earn out note --- 519,097 --- 598,095
Weighted average shares assumed issued upon
conversion of convertible notes 3,654,971 3,654,971 1,480,663 1,480,633
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29,696,542 30,215,639 27,298,973 27,898,405
Less treasury shares assumed purchased with proceeds
from assumed exercise of outstanding common stock
options 806,268 735,606 799,835 658,075
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Weighted average number of common and common
stock equivalents outstanding 28,890,274 29,480,033 26,499,138 27,240,330
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Net income per common and common stock equivalent $0.19 $0.19 $0.55 $0.54
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Exhibit 11.1
Renal Treatment Centers, Inc. and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
for the three and nine months ended September 30, 1995
Three Months Ended Nine Months Ended
September 30, 1995 September 30, 1995
Primary Fully Diluted Primary Fully Diluted
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Net income $ 3,546,062 $ 3,546,062 $ 9,922,622 $ 9,922,622
Add back interest on Denver earn out note, tax effected --- 67,665 --- 214,727
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Net income available to common stockholders $ 3,546,062 $ 3,613,727 $ 9,922,622 $10,137,349
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Weighted average number of shares outstanding 22,033,059 22,033,059 21,764,159 21,764,159
Weighted average number of maximum shares subject
to exercise under outstanding stock options 1,403,184 1,403,184 1,498,968 1,498,968
Weighted average shares assumed issued upon
conversion of earn out note --- 661,502 --- 689,446
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23,436,243 24,097,745 23,263,127 23,952,573
Less treasury shares assumed purchased with proceeds
from assumed exercise of outstanding common stock options 570,922 736,754 897,864 744,474
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Weighted average number of common and common
stock equivalents outstanding 22,865,321 23,360,991 22,365,263 23,208,099
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Net income per common and common stock equivalent $0.16 $0.15 $0.44 $0.44
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