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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 NINE
MONTHS ENDED MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------------- --------------------------------
2000 1999 2000 1999
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Numerator:
Net Income $ 3,433 $ 2,882 $ 10,292 $ 7,869
Preferred stock dividends (633) -- (1,926) --
------------ ----------- ------------ -----------
Numerator for basic earnings
per share $ 2,800 $ 2,882 $ 8,366 $ 7,869
Effective of dilutive securities:
Preferred stock dividends 633 -- 1,926 --
------------ ----------- ------------ -----------
Numerator for diluted earnings
per share income available to
common shareholders after
assumed conversions $ 3,433 $ 2,882 $ 10,292 $ 7,869
------------ ----------- ------------ -----------
Denominator:
Denominator for basic earnings per share
Weighted average shares 14,872,322 14,605,219 14,809,100 14,073,309
Effective of dilutive securities:
Employee stock options 660,822 314,636 581,939 317,014
Warrants 167,246 83,250 146,870 80,868
Convertible preferred stock 4,395,733 -- 4,339,956 --
------------ ----------- ------------ -----------
Dilutive potential shares 5,223,801 397,886 5,068,765 397,882
Denominator for diluted earnings
per share adjusted weighted
average shares and assumed
conversions 20,096,123 15,003,105 19,877,865 14,471,191
============ =========== ============ ===========
Earnings per share - Basic $ 0.19 $ 0.20 $ 0.56 $ 0.56
============ =========== ============ ===========
Earnings per share - Diluted $ 0.17 $ 0.19 $ 0.52 $ 0.54
============ =========== ============ ===========
</TABLE>
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