Universal Health Services, Inc.
Consolidated Statements of Income
June 2001
(in thousands, except per share amounts)
(unaudited)

  Three months ended
June 30
Six months ended
June 30
2001 2000 2001 2000
Net revenues $718,596 $524,828 $1,395,545 $1,065,832
Operating charges:
    Salaries, wages and benefits 282,278 202,668 550,560 413,531
    Other operating expenses 169,876 120,609 320,782 237,546
    Supplies expense 92,979 72,603 182,347 146,515
    Provision for doubtful accounts 62,678 41,883 117,905 86,863
    Depreciation and amortization 32,248 28,159 62,043 55,803
    Lease and rental expense 13,470 11,920 26,110 23,869
    Interest expense, net 10,506 7,192 18,962 14,520
  664,035 485,034 1,278,709 978,647
Income before minority interests, effect of foreign exchange and derivative transactions and income taxes 54,561 39,794 116,836 87,185
Minority interests in earnings of consolidated entities 3,699 3,371 7,624 6,514
(Gains) losses on foreign exchange and derivative transactions (26) 0 1,401 0
Income before income taxes 50,888 36,423 107,811 80,671
Provision for income taxes 18,498 13,114 39,250 28,733
Net income $32,390 $23,309 $68,561 $51,938
Earnings per share - basic $0.54 $0.39 $1.15 $0.86
Earnings per share - diluted $0.51 $0.38 $1.08 $0.84
Weighted average number of common shares - basic 59,918 60,238 59,873 60,710
Weighted average number of common share equivalents 7,306 2,040 7,313 1,484
Weighted average number of common shares and equiv. - diluted 67,224 62,278 67,186 62,194

EARNINGS PER SHARE CALCULATION        
Net income $32,390 $23,309 $68,561 $51,938
Add: Debenture interest, net of taxes 2,049 238 4,019 238
Adjusted net income $34,439 $23,547 $72,580 $52,176
Weighted average number of common shares - basic 59,918 60,238 59,873 60,710
Add: Shares for conversion of convertible debentures 6,578 796 6,578 398
Other share equivalents 728 1,244 735 1,086
Weighted average number of common shares and equiv. - diluted 67,224 62,278 67,186 62,194
Earnings per common share - diluted $0.51 $0.38 $1.08 $0.84


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