Exhibit 11 GENESIS HEALTH VENTURES STATEMENT RE COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (in thousands, except share and per share data) 3/31/97 3/31/96 ----------- ----------- Primary Earnings Per Share: ----------- ----------- Reported net income $ 13,494 $ 7,810 ----------- ----------- Weighted average shares & CSE's: 36,372,903 25,306,685 ----------- ----------- ----------- ----------- Primary EPS - Net income $ 0.37 $ 0.31 =========== =========== Fully Diluted Earnings Per Share: ----------- ----------- Reported net income $ 13,494 $ 7,810 ----------- ----------- Interest expense, amortization and other costs related to the assumed conversion of the Convertible Debentures, net of tax 697 ----------- ----------- Adjusted net income $ 13,494 $ 8,507 ----------- ----------- Weighted average shares & CSE's: Common shares 36,372,903 25,306,685 Additional option shares 1,790 Convertible Debenture shares 3,491,047 ----------- ----------- Total 36,374,693 28,797,732 ----------- ----------- ----------- ----------- Fully diluted EPS - Net income $ 0.37 $ 0.30 =========== =========== GENESIS HEALTH VENTURES STATEMENT RE COMPUTATION OF EARNINGS PER SHARE SIX MONTHS ENDED MARCH 31, 1997 AND 1996 (in thousands, except share and per share data) 3/31/97 3/31/96 ------------- ------------- Primary Earnings Per Share: Reported earnings before debenture conversion expense and extraordinary item $ 25,002 $ 14,355 Debenture conversion expense, net of tax (687) Extraordinary item, net of tax (553) ------------ ------------ Reported net income $ 24,449 $ 13,668 ------------ ------------ Weighted average shares & CSE's: 35,285,093 24,730,819 ------------ ------------ Primary EPS before debenture conversion expense $0.71 $0.58 Primary EPS - Debenture conversion expense ($0.03) Primary EPS - Extraordinary item, net of tax ($0.02) ------------ ------------ change in accounting principle Primary EPS - Net income $ 0.69 $ 0.55 Fully Diluted Earnings Per Share: Reported earnings before debenture conversion expense $ 25,002 $ 14,355 Debenture conversion expense, net of tax (687) Extraordinary item, net of tax ($ 553) ------------ ------------ Reported net income 24,449 13,668 Adjustments to net income: Interest expense, amortization and other costs related to the assumed conversion of the Convertible Debentures, net of tax 303 1,485 ------------ ------------ Adjusted net income $ 24,752 $ 15,153 ------------ ------------ Weighted average shares & CSE's: Common shares 35,285,093 24,730,819 Additional option shares 92,881 Convertible Debenture shares 884,889 4,085,900 ------------ ------------ Total 36,262,863 28,816,719 ------------ ------------ Fully diluted EPS before debenture conversion expense $ 0.70 $ 0.55 Fully diluted EPS - Debenture conversion expense (0.02) Fully diluted EPS - Extraordinary item, net of tax ($ 0.02) ============ ============ Fully diluted EPS - Net income $ 0.68 $ 0.53 ============ ============