Exhibit 11
The Meditrust Companies
Statement Regarding Computation of Earnings Per Share
(In thousands, except per Share amounts)
Year ended December 31,
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Basic: 1997 1996 1995
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Weighted average number of shares outstanding 76,070 71,445 57,151
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Net income before extraordinary item $ 162,412 $157,976 $119,972
Extraordinary item: Loss on prepayment of debt 33,454
--------- -------- --------
Net income $ 162,412 $157,976 $ 86,518
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Per Share amounts:
Net income per share (A) $2.14 $2.21 $2.10
Extraordinary item: Loss on prepayment of debt 0.59
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Net income $2.14 $2.21 $1.51
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(A) This calculation is submitted in accordance with Regulation S-K item
601 (b)(11)
Diluted:
Weighted average number of shares used in
Basic calculation 76,070 71,445 57,151
Dilutive effect of:
Stock options 454 306 306
Assumed conversion of convertible debentures (C) - - -
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Diluted weighted average shares
and equivalent shares outstanding 76,524 71,751 57,457
========= ======== ========
Net income before extraordinary item $ 162,412 $157,976 $119,972
Interest and debt amortization
on assumed conversion of debentures - - -
--------- -------- --------
Adjusted net income before extraordinary item 162,412 157,976 119,972
Extraordinary item: Loss on prepayment of debt 33,454
--------- -------- --------
Net income $ 162,412 $157,976 $ 86,518
========= ======== ========
Per Share amounts:
Net income per share (B) $2.12 $2.20 $2.09
Extraordinary item: Loss on prepayment of debt 0.58
--------- -------- --------
Net income $2.12 $2.20 $1.51
========= ======== ========
(B) This calculation is submitted in accordance with Regulation S-K item
601(b) (11)
(C) Convertible debentures are not included due to their antidilutive
effect.
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