1
EXHIBIT 11
FRESENIUS USA, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARES
(In thousands, except per share amounts)
Twelve Months Ended
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December 31, 1995
Modified Treasury Stock Method
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Number of common stock outstanding at 12/31/95 21,465
Total number of shares obtainable at 12/31/95 using
the Treasury Stock Method 5,626
20% of shares outstanding at 12/31/95 4,293
Total proceeds from assumed exercise of options and
warrants $44,911
Assumed number of common stock in excess of
number of common stock repurchased
Primary 2,169
Fully diluted 3,366
Net income $16,387
Weighted average number of shares of common stock
and common stock equivalents used to compute net
income per common and common equivalent share:
Primary 26,647
Fully diluted 27,844
Net income per common and common equivalent share:
Primary $ 0.61
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Fully diluted $ 0.59
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2
EXHIBIT 11
FRESENIUS USA, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARES
(In thousands, except per share amounts)
Twelve Months Ended
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December 31, 1994
Modified Treasury Stock Method
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Number of common stock outstanding at 12/31/94 21,205
Total number of shares obtainable at 12/31/94 using
the Treasury Stock Method 5,448
20% of shares outstanding at 12/31/94 4,241
Total proceeds from assumed exercise of options and
warrants $41,898
Consideration assumed paid for repurchase of 20% of
outstanding stock at $8.375 per share
(4,241 * $8.375) $35,518
Assumed amount remaining to reduce debt $ 6,380
Effect on net income at an interest rate of 6.36%
($6,380 * 6.36%), net of tax $ 364
Net income $ 7,154
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Assumed net income giving effect to payback of debt $ 7,518
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Weighted average number of shares of primary and
fully dilutive common stock and common stock
equivalents 23,926
Net income per common share $ 0.31
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3
EXHIBIT 11
FRESENIUS USA, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARES
(In thousands, except per share amounts)
Twelve Months Ended
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December 31, 1993
Treasury Stock Method
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Net income $ 3,693
Weighted average number of shares of primary and
fully dilutive common stock and common stock
equivalents 20,660
Net income per common share $ 0.18
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