Exhibit 11

American Healthways, Inc.
Earnings Per Share Reconciliation
August 31, 2005
(In thousands, except earnings per share data)

                The following is a reconciliation of the numerator and denominator of basic and diluted earnings per share (adjusted for the stock split effective December 2003 for the prior year periods):

Year Ended August 31,	2005		2004		2003
Numerator:
Net income - numerator for basic earnings per share	$	33,084	$	26,058	$	18,474
Effect of dilutive securities		—		—		—
Numerator for diluted earnings per share	$	33,084	$	26,058	$	18,474
Denominator:
Shares used for basic earnings per share		33,241		32,264		31,048
Effect of dilutive stock options outstanding		2,450		2,368		1,962
Shares used for diluted earnings per share		35,691		34,632		33,010
Earnings per share:
Basic	$	1.00	$	0.81	$	0.60
Diluted	$	0.93	$	0.75	$	0.56