EXHIBIT 11.1
HORIZON/CMS HEALTHCARE CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE EARNINGS)
(UNAUDITED)
FOR THE ENDED SIX
FOR THE THREE MONTHS MONTHS
ENDED NOVEMBER 30, NOVEMBER 30,
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1996 1995 1996 1995
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Common and Common Equivalents:
Earnings (loss) before extraordinary item................. $ 7,392 $ 30,736 $ 15,453 $ 1,811
Extraordinary item, net of tax............................ (17,821) (22,075) (17,821) (22,075)
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Net loss.................................................. $ (10,429) $ 8,661 $ (2,368) $ (20,264)
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Applicable common shares:
Weighted average outstanding shares during the period..... 52,005 51,150 51,991 50,974
Weighted average shares issuable upon exercise of common
stock equivalents outstanding (principally stock options
and warrants using the treasury stock method)........... 148 664 141 722
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Total....................................................... 52,153 51,814 52,132 51,696
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Net earnings (loss) per share:
Earnings (loss) before extraordinary item................. $ 0.14 $ 0.60 $ 0.29 $ 0.04
Extraordinary item, net of tax............................ (0.34) (0.43) (0.34) (0.43)
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Net loss.................................................. $ (0.20) $ 0.17 $ (0.05) $ (0.39)
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Assuming Full Dilution:
Earnings (loss) before extraordinary item................. $ 7,392 $ 30,736 $ 15,453 $ 1,811
Extraordinary item, net of tax............................ (17,821) (22,075) (17,821) (22,075)
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Net loss.................................................. $ (10,429) $ 8,661 $ (2,368) $ (20,264)
========== ========== ========== ==========
Applicable common shares:
Weighted average outstanding shares during the period..... 52,005 51,150 51,991 50,974
Weighted average shares issuable upon exercise of common
stock equivalents outstanding (principally stock options
and warrants using the treasury stock method and
convertible debentures)................................. 274 823 272 898
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Total..................................................... 52,279 51,973 52,263 51,872
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Net earnings (loss) per share:
Earnings (loss) before extraordinary item................. $ 0.14 $ 0.60 $ 0.29 $ 0.04
Extraordinary item, net of tax............................ (0.34) (0.43) (0.34) (0.43)
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Net loss.................................................. $ (0.20) $ 0.17 $ (0.05) $ (0.39)
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