Exhibit 11.1 (a) Renal Treatment Centers, Inc. and Subsidiaries COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE for the year ended December 31, 1995 Primary Fully Diluted 1995 1995 ---- ---- Net income $14,630,804 $14,630,804 Add back interest on Denver earn out note, tax effected --- 283,136 - ------------------------------------------------------------------------------------------------------------------ Net income available to common stockholders $14,630,804 $14,913,940 ================================================================================================================== Weighted average number of shares outstanding 21,868,067 21,868,067 Weighted average number of maximum shares subject to exercise under outstanding stock options 1,444,812 1,444,812 Weighted average shares assumed issued upon conversion of earn out note --- 682,402 - ------------------------------------------------------------------------------------------------------------------ 23,312,879 23,995,281 Less treasury shares assumed purchased with proceeds from assumed exercise of outstanding common stock options 900,146 594,196 - ------------------------------------------------------------------------------------------------------------------ Weighted average number of common and common stock equivalents outstanding 22,412,733 23,401,085 - ------------------------------------------------------------------------------------------------------------------ Net income per common and common stock equivalent $0.65 $0.64 ================================================================================================================== Exhibit 11.1 (b) Renal Treatment Centers, Inc. and Subsidiaries COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE for the year ended December 31, 1996 Primary Fully Diluted 1996 1996 ---- ---- Net income $19,290,265 $19,290,265 Add back interest on Denver earn out note, tax effected --- 236,787 - ------------------------------------------------------------------------------------------------------------------ Net income available to common stockholders $19,290,265 $19,527,052 ================================================================================================================== Weighted average number of shares outstanding 24,230,156 24,230,156 Weighted average number of maximum shares subject to exercise under outstanding stock options 1,636,300 1,636,300 Weighted average shares assumed issued upon conversion of earn out note --- 557,719 - ------------------------------------------------------------------------------------------------------------------ 25,866,456 26,424,175 Less treasury shares assumed purchased with proceeds from assumed exercise of outstanding common stock options 798,556 770,311 - ------------------------------------------------------------------------------------------------------------------ Weighted average number of common and common stock equivalents outstanding 25,067,900 25,653,864 - ------------------------------------------------------------------------------------------------------------------ Net income per common and common stock equivalent $0.77 $0.76 ================================================================================================================== -30-