EQUIMED, INC. EXHIBIT 11 STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share amounts) Three months Nine Months ended September 30, ended September 30, 1995 1996 1995 1996 ---------------------------------------------------- Primary: Weighted average common shares outstanding 20,784 28,590 20,784 27,337 Net effect of dilutive stock options and warrants- based on the treasury stock method using average market price - 14 - 109 --------- --------- -------- --------- Weighted average common share and equivalents outstanding 20,784 28,604 20,784 27,446 ========= ========= ======== ========= Net income (loss) $ 2,631 $(21,673) $ 8,651 $(18,581) ========= ========= ======== ========= Net loss per share $ (.076) $ (0.68) ========= ========= Pro forma net income $ 1,831 $ 6,004 ========= ======== Pro forma net income per share $ 0.09 $ 0.29 ========= ======== Fully Diluted: Weighted average common shares outstanding 20,784 28,590 20,784 27,338 Net effect of dilutive stock options and warrants- based on the treasury stock method using the June 30 price, if higher that average market price - 10 - 95 --------- --------- -------- --------- Weighted average common share and equivalents outstanding 20,784 28,600 20,784 27,433 ========= ========= ======== ========= Net income (loss) $ 2,631 $(21,673) $ 8,651 $(18,581) ========= ========= ======== ========= Net loss per share $ (0.76) $ (0.68) ========= ======== Pro forma net income $ 1,831 $ 6,004 ========= ======== Pro forma net income per share $ 0.09 $ 0.29 ========= ========