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

  Three months ended
June 30
Six months ended
June 30
2002 2001 2002 2001
Net revenues $805,945 $718,596 $1,610,316 $1,395,545
Operating charges:
    Salaries, wages and benefits 321,595 282,278 641,302 550,560
    Other operating expenses 198,296 169,876 390,192 320,782
    Supplies expense 103,857 92,979 207,365 182,347
    Provision for doubtful accounts 52,845 62,678 110,739 117,905
    Depreciation and amortization 30,900 32,248 60,308 62,043
    Lease and rental expense 15,290 13,470 30,480 26,110
    Interest expense, net 8,153 10,506 17,117 18,962
  730,936 664,035 1,457,503 1,278,709
Income before minority interests, effect of foreign exchange and derivative transactions and income taxes 75,009 54,561 152,813 116,836
Minority interests in earnings of consolidated entities 4,688 3,699 10,561 7,624
Losses (gains) on foreign exchange and derivative transactions 249 (26) 15 1,401
Income before income taxes 70,072 50,888 142,237 107,811
Provision for income taxes 25,725 18,498 52,217 39,250
Net income $44,347 $32,390 $90,020 $68,561
Earnings per common share - basic $0.74 $0.54 $1.50 $1.15
Earnings per common share - diluted $0.69 $0.51 $1.40 $1.08
Weighted average number of common shares - basic 59,934 59,918 59,898 59,873
Weighted average number of common share equivalents 7,320 7,306 7,253 7,313
Weighted average number of common shares and equiv. - diluted 67,254 67,224 67,151 67,186
 
EARNINGS PER SHARE CALCULATION
Net income $44,347 $32,390 $90,020 $68,561
Add: Debenture interest, net of taxes 2,091 2,049 4,183 4,019
Adjusted net income $46,438 $34,439 $94,203 $72,580
Weighted average number of common shares - basic 59,934 59,918 59,898 59,873
Add: Shares for conversion of convertible debentures 6,578 6,578 6,578 6,578
    Other share equivalents 742 728 675 735
Weighted average number of common shares and equiv. - diluted 67,254 67,224 67,151 67,186
Earnings per common share - diluted $0.69 $0.51 $1.40 $1.08


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