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                                   EXHIBIT 11

                      FRESENIUS USA, INC. AND SUBSIDIARIES
                   COMPUTATION OF NET INCOME PER COMMON SHARE
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)



                                             Three Months Ended
                                             ------------------

                                            March 31,        March 31,
                                              1996             1995
                                            ---------        --------
                                                                    
Net income                                  $ 5,346          $ 3,318         
                                            =======          =======
                                                           
Primary net income per common                               
   and common equivalent share              $   .19          $   .13
                                            =======          =======
                                                            
Weighted average number of shares                           
   of common stock and common stock                           
   equivalents used to compute                                
   primary net income per common                              
   and common equivalent share               27,884           25,717
                                            =======          =======
                                                            
Fully diluted net income per                                
   common and common equivalent                             
   share                                    $   .19          $   .13
                                            =======          =======
                                                            
Weighted average number of shares                           
   of common stock and common stock                           
   equivalents used to compute fully                   
   diluted net income per common                              
   and common equivalent share               27,936           25,872
                                            =======          =======


   

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