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<PAGE> 1
EXHIBIT 11
STERICYCLE, INC. AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE FOR THE SIX
MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Numerator:
Net Income $ 3,086 $ 2,560 $ 6,859 $ 4,987
Preferred stock dividends (633) -- (1,292) --
------------ ------------ ------------ ------------
Numerator for basic earnings
per share $ 2,453 $ 2,560 $ 5,567 $ 4,987
Effective of dilutive securities:
Preferred stock dividends 633 -- 1,292 --
------------ ------------ ------------ ------------
Numerator for diluted earnings
per share income available to
common shareholders after
assumed conversions $ 3,086 $ 2,560 $ 6,859 $ 4,987
------------ ------------ ------------ ------------
Denominator:
Denominator for basic earnings per share
Weighted average shares 14,792,602 14,546,201 14,784,264 13,811,646
Effective of dilutive securities:
Employee stock options 616,067 69,347 546,645 318,313
Warrants 149,058 263,137 133,578 79,735
Convertible preferred stock 4,359,572 -- 4,359,572 --
------------ ------------ ------------ ------------
Dilutive potential shares 5,124,697 332,483 5,039,795 398,047
Denominator for diluted earnings
per share adjusted weighted
average shares and assumed
conversions 19,917,299 14,878,684 19,824,059 14,209,693
============ ============ ============ ============
Earnings per share - Basic $ 0.17 $ 0.18 $ 0.38 $ 0.36
============ ============ ============ ============
--Earnings per share - Diluted $ 0.15 $ 0.17 $ 0.35 $ 0.35
============ ============ ============ ============
</TABLE>
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