Universal Health Services, Inc.
Consolidated Statements of Income
March 2003
(in thousands, except per share amounts)
(unaudited)

  Three months ended March 31,
  2003 2002
Net revenues $894,808 $804,371
Operating charges:    
  Salaries, wages and benefits 355,782 319,707
  Other operating expenses 203,910 191,896
  Supplies expense 120,737 103,508
  Provision for doubtful accounts 65,420 57,894
  Depreciation and amortization 34,537 29,408
  Lease and rental expense 15,821 15,190
  Interest expense, net 9,855 8,964
  Gain on foreign exchange and derivative transactions (6) (234)
  806,056 726,333
Income before minority interests and income taxes 88,752 78,038
Minority interests in earnings of consolidated entities 5,030 5,873
Income before income taxes 83,722 72,165
Provision for income taxes 30,932 26,492
Net income $52,790 $45,673
Earnings per common share - basic $0.91 $0.76
Earnings per common share - diluted $0.84 $0.71
Weighted average number of common shares - basic 58,277 59,862
Weighted average number of common share equivalents 7,319 7,186
Weighted average number of common shares and equiv. - diluted 65,596 67,048
EARNINGS PER SHARE CALCULATION    
Net income $52,790 $45,673
Add: Debenture interest, net of taxes 2,177 2,092
Adjusted net income $54,967 $47,765
     
Weighted average number of common shares - basic 58,277 59,862
Add: Shares for conversion of convertible debentures 6,577 6,577
  Other share equivalents 742 609
Weighted average number of common shares and equiv. - diluted 65,596 67,048
     
Earnings per common share - diluted $0.84 $0.71


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