Exhibit 99.1
THE TABLE BELOW PRESENTS THE RESTATED SELECTED FINANCIAL DATA RELATING TO NET
INCOME PER SHARE AND WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FROM THE 1997
ANNUAL REPORT ON FORM 10-K OF HEALTH MANAGEMENT ASSOCIATES, INC.
Years ended September 30,
------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Net income per share:
Basic $ .67 $ .53 $ .41 $ .30 $ .22
Diluted $ .66 $ .52 $ .40 $ .30 $ .22
Weighted average number
of shares (in thousands):
Basic 160,978 157,795 155,410 153,273 148,347
Diluted 165,220 162,697 159,658 157,467 149,644
THE TABLE BELOW CONTAINS THE RESTATED FOOTNOTE 11. QUARTERLY FINANCIAL
INFORMATION (UNAUDITED) FROM THE 1997 ANNUAL REPORT ON FORM 10-K OF HEALTH
MANAGEMENT ASSOCIATES, INC.
The following is a summary of the unaudited quarterly financial information for
the years ended September 30, 1997 and 1996:
Quarter
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1st 2nd 3rd 4th Total
-------- -------- -------- -------- --------
1997
- ----------------------------
Net income per share:
Basic $ .13 $ .20 $ .19 $ .16 $ .67
Diluted $ .12 $ .19 $ .19 $ .15 $ .66
Weighted average number
of shares(in thousands):
Basic 159,013 160,413 161,882 162,601 160,978
Diluted 163,771 164,841 165,801 166,720 165,220
1996
- ----------------------------
Net income per share:
Basic $ .10 $ .16 $ .15 $ .13 $ .53
Diluted $ .09 $ .15 $ .15 $ .12 $ .52
Weighted average number
of shares (in thousands):
Basic 156,433 157,814 158,422 158,519 157,795
Diluted 161,216 162,683 163,314 163,260 162,697
THE TABLE BELOW PRESENTS THE REQUIRED DISCLOSURES UNDER FINANCIAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 128 FOR THE YEARS ENDED SEPTEMBER 30, 1997, 1996
AND 1995.
The following table sets forth the computation of basic and diluted earnings per
share (in thousands):
Year ended September 30,
----------------------------
1997 1996 1995
- ---------------------------------------- -------- -------- --------
Numerator:
Income before extraordinary items $108,322 $ 84,086 $ 63,331
Extraordinary items - - -
-------- -------- --------
Net income $108,322 $ 84,086 $ 63,331
======== ======== ========
Denominator:
Denominator for basic earnings 160,978 157,795 155,410
per share - weighted average shares
Effect of dilutive securities -
Employee stock options 4,242 4,902 4,248
-------- -------- --------
Denominator for diluted earnings
per share - adjusted weighted
average shares 165,220 162,697 159,658
======== ======== ========
THE TABLE BELOW PRESENTS THE REQUIRED PRO FORMA DISCLOSURES OF ALTERNATIVE FAIR
VALUE ACCOUNTING UNDER FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 123
"ACCOUNTING FOR STOCK-BASED COMPENSATION," UTILIZING AN OPTION VALUATION MODEL.
THE DISCLOSURE RESTATES INFORMATION IN FOOTNOTE 7, FROM THE 1997 ANNUAL REPORT
ON FORM 10-K OF HEALTH MANAGEMENT ASSOCIATES, INC.
For purposes of pro forma disclosures, the estimated fair value of the options
is amortized to expense over the options' vesting period. The Company's pro
forma earnings per share information follows:
1997 1996
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Pro forma net income per share:
Basic $ .64 $ .53
Diluted $ .62 $ .51