1 MEDITRUST EXHIBIT 11 STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Year ended December 31, ----------------------------------------------- Primary 1994 1993 1992 ----- ----- ---- Weighted average shares 35,314 31,310 26,360 Dilutive effect of: Stock options 88 119 173 Warrants 21 62 99 ------- ------- ------- Weighted average number of shares and equivalent shares outstanding 35.423 31,491 26,632 ======= ======= ======= Net income $80,460 $63,636 $51,358 ======= ======= ======= Per Share amounts: Net income per share (A) $ 2.27 $ 2.02 $ 1.93 ======= ======= ======= (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 Weighted average number of shares used in primary calculation 35,423 31,491 26,632 Assumed conversion of convertible debentures 7,060 5,246 2,491 -------- -------- -------- Fully diluted weighted average shares and equivalent shares outstanding 42,483 36,737 29,123 ======== ======== ======== Net income $ 80,460 $ 63,636 $ 51,358 Interest and debt issuance costs on convertible debentures 18,632 12,352 6,277 -------- -------- -------- Adjusted net income for fully diluted calculation $ 99,092 $ 75,988 $ 57,635 ======== ======== ======== Net income per share (B) $ 2.33 $ 2.07 $ 1.98 ======== ======== ======== (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 an anti-dilutive result. -38-