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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,
                                                       ------------------      -----------------
                                                        1998        1997        1998       1997
                                                       ------       -----      -------    ------ 
                                                                              
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,
                                                       ------------------      ------------------
                                                         1998        1997        1998        1997
                                                       -------     ------      -------    -------   
                                                                                     

Net Earnings - Continuing Operations ................  $14,165     $9,807      $36,715    $27,587   
Dividends paid on preferred stocks ..................     (130)      (130)        (390)      (390)  
                                                       -------     ------      -------    -------   
Income used in per share computation                                                                
    of earnings .....................................  $14,035     $9,677      $36,325    $27,197   
                                                       =======     ======      =======    =======   
                                                                                                    
Basic and fully dilutive earnings per                                                               
   share - Continuing Operations ....................  $  0.16     $ 0.11      $  0.41    $  0.30   
                                                       =======     ======      =======    =======