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EXHIBIT 11.1
BIRMAN MANAGED CARE, INC.
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
December 31, December 31,
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1995 1996 1995 1996
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Net income $ 74,366 $ 131,389 $ 109,334 $ 372,580
Primary Earnings Per Share: (1)
Common stock equivalents
Options and warrants granted and unexercised 1,076,371 1,076,371 1,076,371 1,076,371
Assumed buyback of options (2) (303,936) (303,936) (303,936) (303,936)
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772,435 772,435 772,435 772,435
Total weighted average shares issued 5,931,082 5,931,082 5,931,082 5,931,082
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Weighted average common shares outstanding 6,703,517 6,703,517 6,703,517 6,703,517
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Primary Earnings Per Share $ 0.01 $ 0.02 $ 0.02 $ 0.06
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Fully Diluted Earnings Per Share: (1)
Common stock equivalents
Options and warrants granted and unexercised 1,076,371 1,076,371 1,076,371 1,076,371
Escrow shares (3) 1,000,000 1,000,000 1,000,000 1,000,000
Assumed buyback of options (2) (303,936) (303,936) (303,936) (303,936)
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1,772,435 1,772,435 1,772,435 1,772,435
Total weighted average shares issued 5,931,082 5,931,082 5,931,082 5,931,082
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Weighted average common shares outstanding 7,703,517 7,703,517 7,703,517 7,703,517
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Fully Diluted Earnings Per Share $ 0.01 $ 0.02 $ 0.01 $ 0.05
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(1) Earnings per share are based upon the weighted average number of shares
outstanding for each of the respective periods. All weighted average
shares outstanding give retroactive effect to the 1,000 to 1 stock
split in October 1995 and the 72.939 for 100 exchange in September
1996. The Company completed an initial public offering of its common
stock on February 12, 1997. Pursuant to Securities and Exchange
Commission rules, common stock issued for consideration below the
anticipated offering price per share during the 12-month period prior
to filing of the registration statement has been included in the
calculation of common share equivalent shares, using the treasury stock
method, as if they had been outstanding for all periods presented.
(2) Buyback of stock options under the treasury stock method is at the
assumed IPO price of $5.00 per share.
(3) Shares deposited into escrow by Dr. Birman pursuant to the Underwriting
Agreement are included in fully diluted earnings per share unless they
are anti-dilutive.
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