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EXHIBIT 11.1
HORIZON HEALTH CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
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<CAPTION>
THREE MONTHS
ENDED NOVEMBER 30,
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2000 1999
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<S> <C> <C>
BASIC
Net income $ 1,666,061 $ 1,785,133
Weighted average shares outstanding (basic) 6,254,598 6,607,736
Basic earnings per share $ .27 $ .27
DILUTED
Net income $ 1,666,061 $ 1,785,133
Effect of dilutive securities 153,435 268,124
Weighted average shares outstanding (diluted) 6,408,033(1) 6,875,860(1)
Diluted earnings per share $ .26 $ .26
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(1) In the fiscal quarters ended 2000 and 1999, certain shares subject to
options to acquire common stock were not included in the computation of
EPS because the option exercise price was greater than the average
market price of the common shares for the quarter. The computation for
the quarter ended November 30, 2000 excluded 805,859 shares subject to
options, with exercise prices ranging from $5.50 to $23.75. The
computation for the quarter ended November 30, 1999 excluded 772,910
shares subject to options, with exercise prices ranging from $6.90 to
$23.75.
