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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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1996 1995 1996 1995
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Primary
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Weighted average shares 60,809 49,589 58,883 46,492
Dilutive effect of:
Stock options 155 143 120
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Weighted average number of shares and
equivalent shares outstanding 60,964 49,589 59,026 46,612
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Net income before extraordinary item $40,721 $ 31,702 $116,497 $ 86,814
Extraordinary item: Loss on prepayment of debt 33,454 33,454
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Net income (loss) $40,721 $ (1,752) $116,497 $ 53,360
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Per Share:
Net income before extraordinary item $ 0.67 $ 0.64 $ 1.97 $ 1.86
Extraordinary item 0.68 0.72
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Net income (loss)(A) $ 0.67 $ (0.04) $ 1.97 $ 1.14
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(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 shares 60,809 49,589 58,883 46,492
Assumed conversion of debentures 8,513 8,322 8,593 7,188
Dilutive effect of:
Stock options 158 205 158 205
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Fully diluted weighted average shares
and equivalent shares outstanding 69,480 58,116 67,634 53,885
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Net income before extraordinary item $40,721 $ 31,702 $116,497 $ 86,814
Interest and debt amortization on
assumed conversion of debentures 5,950 5,829 17,994 14,820
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Adjusted net income before extraordinary item 46,671 37,531 134,491 101,634
Extraordinary item: Loss on prepayment of debt 33,454 33,454
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Adjusted net income for fully diluted calculation $46,671 $ 4,077 $134,491 $ 68,180
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Per Share:
Net income before extraordinary item $ 0.67 $ 0.65 $ 1.99 $ 1.89
Extraordinary item 0.58 0.62
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Net income (B) $ 0.67 $ 0.07 $ 1.99 $ 1.27
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(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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