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EXHIBIT 11
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Income from Continuing Operations
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Three Months Ended Six Months Ended
June 30, June 30,
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1996 1995 1996 1995
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Computation of Earnings Per
Common and Common
Equivalent Share (a):
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Reported Income $ 5,688 $ 5,305 $17,885 $10,690
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Average number of shares
used to compute earnings
per common share 9,837 9,869 9,852 9,866
Effect of unexercised
stock options 59 42 65 38
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Average number of shares
used to compute earnings
per common and common
equivalent share 9,896 9,911 9,917 9,904
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Earnings per common and
common equivalent share $ 0.57 $ 0.54 $ 1.80 $ 1.08
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Computation of Earnings Per
Common Share Assuming
Full Dilution (a):
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Reported Income $ 5,688 $ 5,305 $17,885 $10,690
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 9,837 9,869 9,852 9,866
Effect of unexercised
stock options 59 68 65 68
------- ------- ------- -------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,896 9,937 9,917 9,934
======= ======= ======= =======
Earnings per common share
assuming full dilution $ 0.57 $ 0.53 $ 1.80 $ 1.08
======= ======= ======= =======
- -------
(a) This calculation is submitted in accordance with Regulation S-K Item 601
(11) although it is not required by APB Opinion No. 15 because it results
in dilution of less than 3%.
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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
Net Income
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Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
1996 1995 1996 1995
------- ------- ------- -------
Computation of Earnings Per
Common and Common
Equivalent Share (a):
- ---------------------------
Reported Income $ 5,688 $ 5,305 $17,885 $11,591
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 9,837 9,869 9,852 9,866
Effect of unexercised
stock options 59 42 65 38
------- ------- ------- -------
Average number of shares
used to compute earnings
per common and common
equivalent share 9,896 9,911 9,917 9,904
======= ======= ======= =======
Earnings per common and
common equivalent share 0.57 $ 0.54 $ 1.80 $ 1.17
======= ======= ======= =======
Computation of Earnings Per
Common Share Assuming
Full Dilution (a):
- ---------------------------
Reported Income $ 5,688 $ 5,305 $17,885 $11,591
======= ======= ======= =======
Average number of shares
used to compute earnings
per common share 9,837 9,869 9,852 9,866
Effect of unexercised
stock options 59 68 65 68
------- ------- ------- -------
Average number of shares
used to compute earnings
per common share assuming
full dilution 9,896 9,937 9,917 9,934
======= ======= ======= =======
Earnings per common share
assuming full dilution $ 0.57 $ 0.53 $ 1.80 $ 1.17
======= ======= ======= =======
- -------
(a) This calculation is submitted in accordance with Regulation S-K Item 601
(11) although it is not required by APB Opinion No. 15 because it results
in dilution of less than 3%.