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EXHIBIT 11
Health Grades, Inc. and Subsidiaries
Computation of Per Share Earnings
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For the three months ended For the nine months ended
September 30, September 30,
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Weighted average shares outstanding 21,536,065 12,429,197 18,863,324 14,817,837
Effect of dilutive securities:
Employee stock options -- -- -- 819,980
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Weighted average number of common shares
and common share equivalents used in
computation 21,536,065 12,429,197 18,863,324 15,637,817
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Net (loss) income $(2,472,519) $ (283,646) $(5,037,131) $ 1,592,603
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Net (loss) income per common share (basic) (0.11) (0.02) (0.27) 0.11
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Net (loss) income per common share (diluted) (0.11) (0.02) (0.27) 0.10
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