1 EXHIBIT 11 CHOICECARE CORPORATION COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 1997 1996 1997 1996 ---- ---- ---- ---- PRIMARY EARNINGS PER SHARE: - --------------------------- Net income $ 1,892 $ 4,099 $ 1,530 $ 1,705 ======= ======= ======= ======= Shares used in calculation of earnings per share: Weighted average common shares outstanding 14,853 14,229 14,853 13,865 Dilutive effect of assumed exercise of stock options 409 -- 204 -- ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 15,262 14,229 15,057 13,865 ======= ======= ======= ======= Earnings per common and common equivalent share - primary $ .12 $ .29 $ .10 $ .12 ======= ======= ======= ======= FULLY DILUTED EARNINGS PER SHARE: - --------------------------------- Net income $ 1,892 $ 4,099 $ 1,530 $ 1,705 ======= ======= ======= ======= Shares used in calculation of earnings per share: Weighted average common shares outstanding 14,853 14,229 14,853 13,865 Dilutive effect of assumed exercise of stock options 409 -- 409 -- ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding 15,262 14,229 15,262 13,865 ======= ======= ======= ======= Earnings per common and common equivalent share - fully diluted $ .12 $ .29 $ .10 $ .12 ======= ======= ======= ======= 18