<PAGE> 1
EXHIBIT 11
HORIZON HEALTH CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
YEARS ENDED AUGUST 31,
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
2000 1999 1998
-------- -------- --------
<S> <C> <C> <C>
BASIC
Net income $ 7,067 $ 6,901 $ 9,732
Weighted average shares outstanding (basic) 6,370 6,875 7,120
Basic earnings per share $ 1.11 $ 1.00 $ 1.37
======== ======== ========
DILUTED
Net income $ 7,067 $ 6,901 $ 9,732
Weighted average shares outstanding (basic) 6,370 6,875 7,120
Effect of dilutive securities (warrants and options) 235(1) 325(1) 634(1)
-------- -------- --------
Weighted average shares outstanding (diluted) 6,605 7,200 7,754
Diluted earnings per share $ 1.07 $ 0.96 $ 1.26
======== ======== ========
</TABLE>
(1) During 2000, 1999, and 1998 certain options to acquire common
stock were not included in certain computations of EPS because the
options exercise price was greater than the average market price
of the common shares. The options excluded by quarter are as
follows:
<TABLE>
<CAPTION>
QUARTER ENDED OPTIONS EXCLUDED OPTION PRICE RANGE
---------------------- --------------------- ----------------------
<S> <C> <C>
August 31, 2000 770,432 $ 6.91 - $23.75
---------------------- --------------------- ----------------------
May 31, 2000 775,337 $ 6.91 - $23.75
---------------------- --------------------- ----------------------
February 29, 2000 176,700 $ 7.42 - $23.75
---------------------- --------------------- ----------------------
November 30, 1999 772,910 $ 6.91 - $23.75
---------------------- --------------------- ----------------------
August 31, 1999 176,700 $ 7.42 - $23.75
---------------------- --------------------- ----------------------
May 31, 1999 152,971 $ 7.42 - $23.75
---------------------- --------------------- ----------------------
February 28, 1999 707,036 $ 6.91 - $23.75
---------------------- --------------------- ----------------------
November 30, 1998 163,390 $ 7.42 - $23.75
---------------------- --------------------- ----------------------
August 31, 1998 355,250 $ 14.17 - $26.00
---------------------- --------------------- ----------------------
May 31, 1998 182,500 $ 23.75 - $26.00
---------------------- --------------------- ----------------------
February 28, 1998 183,222 $ 22.00 - $26.00
---------------------- --------------------- ----------------------
November 30, 1997 15,000 $26.00
---------------------- --------------------- ----------------------
</TABLE>
