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                                                                      EXHIBIT 11


             FRESENIUS MEDICAL CARE HOLDINGS, INC. AND SUBSIDIARIES
        WEIGHTED AVERAGE NUMBER OF SHARES AND EARNINGS USED IN PER SHARE
                                   COMPUTATION
                        (DOLLARS AND SHARES IN THOUSANDS)




                                                     THREE MONTHS ENDED         NINE MONTHS ENDED
                                                       SEPTEMBER 30,              SEPTEMBER 30,
                                                   ----------------------    ----------------------
                                                     2000         1999         2000        1999
                                                   ---------    ---------    ---------   ----------
                                                                              
The weighted average number of shares of
  Common Stock were as follows .................      90,000       90,000       90,000       90,000
                                                   =========    =========    =========    =========



         Income used in the computation of earnings per share were as follows:




                                                     THREE MONTHS ENDED         NINE MONTHS ENDED
                                                       SEPTEMBER 30,              SEPTEMBER 30,
                                                   ----------------------    -----------------------
CONSOLIDATED                                         2000         1999         2000          1999
                                                   ---------    ---------    ---------    ----------
                                                                              
Net income (loss)...............................   $  27,669    $(387,205)   $  75,933    $(348,174)

Dividends paid on preferred stocks .............        (130)        (130)        (390)        (390)
                                                   ---------    ---------    ---------    ---------
Income (loss) used in per share
  computation of earnings.......................   $  27,539    $(387,335)   $  75,543    $(348,564)
                                                   =========    =========    =========    =========

Basic and fully dilutive earnings per share ....   $    0.31    $   (4.30)   $    0.84    $   (3.87)
                                                   =========    =========    =========    =========