Exhibit 11
GENESIS HEALTH VENTURES
COMPARATIVE EARNINGS PER SHARE CALCULATION
NINE MONTHS ENDED JUNE 30, 1996 AND 1995
(in thousands, except share and per share data)
6/30/96 6/30/95
----------------- ----------------
Primary Earnings Per Share:
Reported earnings before debenture conversion expense $24,544 $17,508
Debenture conversion expense, net of tax (785)
Extraordinary item, net of tax (1,923)
----------------- ----------------
Reported net income $23,759 $15,585
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Weighted average shares & CSE's: 25,438,335 22,556,985
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Primary EPS before debenture conversion expense $0.96 $0.78
Primary EPS - Debenture conversion expense ($0.03)
Primary EPS - Extraordinary item, net of tax ($0.09)
change in accounting principle ----------------- ----------------
Primary EPS - Net income $0.93 $0.69
Fully Diluted Earnings Per Share:
Reported earnings before debenture conversion expense $24,544 $17,508
Debenture conversion expense, net of tax (785)
Extraordinary item, net of tax (1,923)
----------------- ----------------
Reported net income 23,759 15,585
Adjustments to net income:
Interest expense, amortization and other costs
related to the assumed conversion of the
Convertible Debentures, net of tax 2,150 2,964
----------------- ----------------
Adjusted net income $25,910 $18,549
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Weighted average shares & CSE's:
Common shares 25,438,335 22,556,985
Additional option shares 55,000 17,400
Convertible Debenture shares 3,865,526 5,710,407
----------------- ----------------
Total 29,358,861 28,284,792
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Fully diluted EPS before debenture conversion expense $0.91 $0.72
Fully diluted EPS - Debenture conversion expense ($0.03)
Fully diluted EPS - Extraordinary item, net of tax (0.06)
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Fully diluted EPS - Net income $0.88 $0.66
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COMPARATIVE EARNINGS PER SHARE CALCULATION
QUARTERS ENDED JUNE 30, 1996 AND 1995
(in thousands, except share and per share data)
6/30/96 6/30/95
----------------- ----------------
Primary Earnings Per Share:
Reported earnings before debenture conversion expense $10,189 $6,885
and extraordinary item
Debenture conversion expense, net of tax (98)
Extraordinary item, net of tax (1,923)
----------------- ----------------
Reported net income $10,091 $4,962
----------------- ----------------
Weighted average shares & CSE's: 27,507,276 22,635,350
----------------- ----------------
Primary EPS before debenture conversion expense $0.37 $0.30
Primary EPS - Debenture conversion expense ($0.00)
Primary EPS - Extraordinary item, net of tax ($0.08)
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Primary EPS - Net income $0.37 $0.22
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Fully Diluted Earnings Per Share:
Reported earnings before debenture conversion expense $10,189 $6,885
Debenture conversion expense, net of tax ($98)
Extraordinary item, net of tax (1,923)
----------------- ----------------
Reported net income $10,091 $4,962
----------------- ----------------
Adjustments to net income:
Interest expense, amortization and other costs
related to the assumed conversion of the
Convertible Debentures, net of tax 665 997
----------------- ----------------
Adjusted net income $10,756 $5,959
----------------- ----------------
Weighted average shares & CSE's:
Common shares 27,507,276 22,635,350
Additional option shares 111,696 42,068
Convertible Debenture shares 3,489,419 5,710,407
----------------- ----------------
Total 31,108,391 28,387,825
----------------- ----------------
Fully diluted EPS before debenture conversion expense $0.35 $0.28
Fully diluted EPS - Debenture conversion expense ($0.00)
Fully diluted EPS - Extraordinary item, net of tax ($0.07)
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Fully diluted EPS - Net income $0.35 $0.21
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