EXHIBIT 11

HealthSouth Corporation and Subsidiaries

Computation of Per Share Earnings

	For the years ended December 31,
	2003			2002			2001			2000
							(Restated)			(Restated)
	(in thousands, except per share data)
Numerator:
Loss from continuing operations	$	(456,368	)	$	(417,118	)	$	(162,438	)	$	(361,623	)
Income (loss) from discontinued operations		24,267			(1,517	)		(28,787	)		(2,620	)
Cumulative effect of accounting change		(2,456	)		(48,189	)		—			—
Net loss	$	(434,557	)	$	(466,824	)	$	(191,225	)	$	(364,243	)
Denominator:
Basic – weighted average common shares outstanding		396,132			395,520			390,485			386,626
Diluted - weighted average common shares outstanding		405,831			408,321			415,163			407,061
Basic earnings per share:
Loss from continuing operations	$	(1.15	)	$	(1.06	)	$	(0.42	)	$	(0.93	)
Income (loss) from discontinued operations		0.06			Nil			(0.07	)		(0.01	)
Cumulative effect of accounting change		(0.01	)		(0.12	)
Net loss	$	(1.10	)	$	(1.18	)	$	(0.49	)	$	(0.94	)
*Diluted earnings per share:
Loss from continuing operations	$	(1.12	)	$	(1.02	)	$	(0.39	)	$	(0.89	)
Income (loss) from discontinued operations		0.06			Nil			(0.07	)		(0.01	)
Cumulative effect of accounting change		(0.01	)		(0.12	)		—			—
Net loss	$	(1.07	)	$	(1.14	)	$	(0.46	)	$	(0.90	)

* Diluted earnings per share are antidilutive.