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EXHIBIT 11.1
BIRMAN MANAGED CARE, INC. AND SUBSIDIARIES
COMPUTATION OF EARNING PER SHARE
YEARS ENDED
JUNE 30,
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1995 1996
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Earnings Per Share:(1)
Common stock equivalents
Options and warrants granted and unexercised........................ 1,064,371 1,064,371
Assumed buyback of options(2)....................................... 270,019 270,019
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794,352 794,352
Total weighted average shares issued.................................. 6,931,082 6,931,082
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Weighted average shares outstanding................................... 7,725,434 7,725,434
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(1) Earnings per share are based upon the weighted average number of shares
outstanding for each of the respective years. 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
is planning an initial public offering of its common stock. 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 $6.25 per share.