EXHIBIT 11
AMERICAN HEALTHWAYS, INC.
EARNINGS PER SHARE RECONCILIATION
FEBRUARY 29, 2004
(UNAUDITED)
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
The following is a reconciliation of the numerator and denominator of
basic and diluted earnings per share:
Three Months Ended Six Months Ended
February 29/28, February 29/28,
2004 2003 2004 2003
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Numerator:
Net income - numerator for basic earnings per share $ 5,324 $ 5,144 $ 9,281 $ 8,843
Effect of dilutive securities - - - -
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Numerator for diluted earnings per share $ 5,324 $ 5,144 $ 9,281 $ 8,843
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Denominator:
Shares used for basic earnings per share 32,039 30,883 31,915 30,838
Effect of dilutive stock options outstanding 2,707 1,797 2,592 1,847
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Shares used for diluted earnings per share 34,746 32,680 34,507 32,685
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Earnings per share:
Basic $ 0.17 $ 0.17 $ 0.29 $ 0.29
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Diluted $ 0.15 $ 0.16 $ 0.27 $ 0.27
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