EXHIBIT 11
HEALTHSOUTH Corporation and Subsidiaries
Computation of Income Per Share (Unaudited)
In Thousands, except for per share data
Year Ended December 31,
1993 1994 1995
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PRIMARY:
Weighted average common shares outstanding 127,572 131,510 139,631
Net effect of dilutive stock options 4,907 8,917 9,099
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Total Common and Common Equivalent Shares 132,479 140,427 148,730
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Net income/(loss) $ 60,474 $ 88,083 $ 92,521
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Net income/(loss) per common and
common equivalent share $ 0.46 $ 0.63 $ 0.62
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FULLY DILUTED:
Weighted average common shares outstanding 127,572 131,510 139,631
Net effect of dilutive stock options 4,907 8,917 9,099
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132,479 140,427 148,730
Assumed conversion of 5% Convertible
Subordinated Debentures due 2001 (1) 4,722 6,113
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Total Common and Common Equivalent Shares,
Fully Diluted $ 132,479 $ 145,149 $ 154,843
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Net income $ 60,474 $ 88,083 $ 92,521
Elimination of interest and amortization on 5%
Convertible Subordinated Debentures due 2001, less
the related effect on the provision for income taxes (1) 2,927 3,826
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Net income, fully diluted $ 60,474 $ 91,010 $ 96,347
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Net income per common and common equivalent share N/A $ 0.63 $ 0.62
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<FN>
(1) There were no other potentially dilutive securities outstanding for this
period.
</FN>