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

  Three months ended
June 30
Six months ended
June 30
2003 2002 2003 2002
Net revenues $902,954 $805,945 $1,797,762 $1,610,316
Operating charges:        
   Salaries, wages and benefits 357,448 321,595 713,230 641,302
   Other operating expenses 211,616 198,296 415,526 390,192
   Supplies expense 121,556 103,857 242,293 207,365
   Provision for doubtful accounts 61,702 52,845 127,122 110,739
   Depreciation and amortization 35,513 30,900 70,050 60,308
   Lease and rental expense 15,861 15,290 31,682 30,480
   Interest expense, net 9,375 8,402 19,224 17,132
  813,071 731,185 1,619,127 1,457,518
Income before minority interests and income taxes 89,883 74,760 178,635 152,798
Minority interests in earnings of consolidated entities 8,530 4,688 13,560 10,561
Income before income taxes 81,353 70,072 165,075 142,237
Provision for income taxes 30,403 25,725 61,335 52,217
Net income $50,950 $44,347 $103,740 $90,020
Earnings per common share - basic $0.88 $0.74 $1.79 $1.50
Earnings per common share - diluted $0.82 $0.69 $1.66 $1.40
Weighted average number of common shares - basic 57,655 59,934 57,966 59,898
Weighted average number of common share equivalents 7,287 7,320 7,303 7,253
Weighted average number of common shares and equiv. - diluted 64,942 67,254 65,269 67,151
 
EARNINGS PER SHARE CALCULATION
Net income $50,950 $44,347 $103,740 $90,020
Add: Debenture interest, net of taxes 2,178 2,091 4,355 4,183
Adjusted net income $53,128 $46,438 $108,095 $94,203
Weighted average number of common shares - basic 57,655 59,934 57,966 59,898
Add: Shares for conversion of convertible debentures 6,577 6,577 6,577 6,577
         Other share equivalents 710 743 726 676
Weighted average number of common shares and equiv. - diluted 64,942 67,254 65,269 67,151
Earnings per common share - diluted $0.82 $0.69 $1.66 $1.40


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