EX-11 5 g88455exv11.txt EX-11 EARNINGS PER SHARE RECONCILIATION EXHIBIT 11 AMERICAN HEALTHWAYS, INC. EARNINGS PER SHARE RECONCILIATION FEBRUARY 29, 2004 (UNAUDITED) (IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA) The following is a reconciliation of the numerator and denominator of basic and diluted earnings per share:
Three Months Ended Six Months Ended February 29/28, February 29/28, 2004 2003 2004 2003 ------------------- ------------------- Numerator: Net income - numerator for basic earnings per share $ 5,324 $ 5,144 $ 9,281 $ 8,843 Effect of dilutive securities - - - - ------- ------- ------- ------- Numerator for diluted earnings per share $ 5,324 $ 5,144 $ 9,281 $ 8,843 ======= ======= ======= ======= Denominator: Shares used for basic earnings per share 32,039 30,883 31,915 30,838 Effect of dilutive stock options outstanding 2,707 1,797 2,592 1,847 ------- ------- ------- ------- Shares used for diluted earnings per share 34,746 32,680 34,507 32,685 ======= ======= ======= ======= Earnings per share: Basic $ 0.17 $ 0.17 $ 0.29 $ 0.29 ======= ======= ======= ======= Diluted $ 0.15 $ 0.16 $ 0.27 $ 0.27 ======= ======= ======= =======