1
EXHIBIT 11
PHYCOR, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(ALL AMOUNTS ARE EXPRESSED IN THOUSANDS, EXCEPT FOR EARNINGS PER SHARE)
THREE MONTHS ENDED
MARCH 31,
-------------------
1997 1996
---- ----
Earnings per common share:
Net income $12,307 7,690
======= =====
Earnings per share $ .19 .13
======= =====
Weighted average common shares outstanding 65,142 60,306
======= =====
Earnings per common share, assuming full dilution:
Net income $12,307 7,690
======= =====
Earnings per share $ .19 .13
======= =====
Weighted average common shares outstanding 70,734 63,744
======= =====
Note: The convertible debentures were not included in the fully diluted
earnings per share calculation since the effect of inclusion would be
antidilutive.