1 EXHIBIT 11 ClinTrials Research Inc. Computation of Earnings per Share (in thousands, except for earnings per share) 1993 1994 1995 1996 1997 ---------- ---------- ---------- ---------- ---------- Income (loss) before cumulative effect of accounting change $ 798 $ 2,153 $ 3,601 $ 6,425 $ (6,396) Cumulative effect of accounting change 243 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) $ 1,041 $ 2,153 $ 3,601 $ 6,425 $ (6,396) ========== ========== ========== ========== ========== Weighted average shares outstanding for 9,989 13,109 13,497 15,447 18,156 Basic Earnings per Share Dilutive effect of stock options 390 391 385 480 -- ---------- ---------- ---------- ---------- ---------- Weighted average shares outstanding and dilutive effect of stock options for Diluted Earnings per Share 10,379 13,500 13,882 15,927 18,156 ========== ========== ========== ========== ========== Basic Earnings per Share: Income (loss) before cumulative effect of accounting change $ 0.08 $ 0.16 $ 0.27 $ 0.42 $ (0.35) Cumulative effect of accounting change 0.02 0.00 0.00 0.00 0.00 ---------- ---------- ---------- ---------- ---------- Net income (loss) $ 0.10 $ 0.16 $ 0.27 $ 0.42 $ (0.35) ========== ========== ========== ========== ========== Diluted Earnings per Share: Income (loss) before cumulative effect of accounting change $ 0.08 $ 0.16 $ 0.26 $ 0.40 $ (0.35) Cumulative effect of accounting change 0.02 0.00 0.00 0.00 0.00 ---------- ---------- ---------- ---------- ---------- Net income (loss) $ 0.10 $ 0.16 $ 0.26 $ 0.40 $ (0.35) ========== ========== ========== ========== ========== Note: Prior period amounts have been restated to give retroactive effect to the 1997 merger with Ovation, which was accounted for as a pooling of interests.