Universal Health Services, Inc.
Consolidated Statements of Income
March 2002
(in thousands, except per share amounts)
(unaudited)

  Three months ended March 31,
  2002 2001
Net revenues $804,371 $676,949
Operating charges:
Salaries, wages and benefits 319,707 268,282
Other operating expenses 191,896 150,906
Supplies expense 103,508 89,368
Provision for doubtful accounts 57,894 55,227
Depreciation and amortization 29,408 29,795
Lease and rental expense 15,190 12,640
Interest expense, net 8,964 8,456
  726,567 614,674
 
Income before minority interests, effect of foreign exchange and derivative transactions and income taxes 77,804 62,275
Minority interests in earnings of consolidated entities 5,873 3,925
(Gains) Losses on foreign exchange and derivative transactions (234) 1,427
Income before income taxes 72,165 56,923
Provision for income taxes 26,492 20,752
Net income $45,673 $36,171
Earnings per common share - basic $0.76 $0.60
Earnings per common share - diluted $0.71 $0.57
Weighted average number of common shares - basic 59,862 59,828
Weighted average number of common share equivalents 7,186 7,320
Weighted average number of common shares and equiv. - diluted 67,048 67,148
 
EARNINGS PER SHARE CALCULATION    
Net income $45,673 $36,171
Add: Debenture interest, net of taxes 2,092 1,970
Adjusted net income $47,765 $38,141
Weighted average number of common shares - basic 59,862 59,828
Add: Shares for conversion of convertible debentures 6,578 6,578
Other share equivalents 608 742
Weighted average number of common shares and equiv. - diluted 67,048 67,148
Earnings per common share - diluted $0.71 $0.57


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