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Exhibit 11
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MEDITRUST
STATEMENT REGARDING COMPUTATION OF PER
SHARE EARNINGS (In thousands
except per share amounts)
Quarter ended Nine months ended
September 30, September 30,
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1994 1993 1994 1993
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Primary
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Weighted average shares 34,744 31,833 34,130 30,817
Dilutive effect of:
Stock options 87 128 99 124
Warrants 50 27 67
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Weighted average number of shares and
equivalent shares outstanding 34,831 32,011 34,256 31,008
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Net income $19,817 $16,081 $56,530 $46,920
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Net income per share (A) $ .57 $ .50 $ 1.65 $ 1.51
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<FN>
(A) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of
APB Opinion No. 15 because it results in dilution of less than 3%.
Fully Diluted
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Weighted average number of shares used
in primary calculation 34,831 32,011 34,256 31,008
Assumed conversion of debentures 7,210 5,041 7,181 5,216
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Fully diluted weighted average shares
and equivalent shares outstanding 42,041 37,052 41,437 36,224
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Net income $19,817 $16,081 $56,530 $46,920
Interest and debt amortization on assumed
conversion of debentures 4,667 3,985 13,982 11,266
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Adjusted net income for fully diluted calculation $24,484 $20,066 $70,512 $58,186
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Net income per share (B) $ .58 $ .54 $ 1.70 $ 1.61
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<FN>
(B) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion
No. 15 because it produces anti-dilutive results.
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