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

  Three months ended
September 30
Nine months ended
September 30
2002 2001 2002 2001
Net revenues $813,104 $720,784 $2,423,420 $2,116,329
Operating charges:        
  Salaries, wages and benefits 323,331 282,225 964,633 832,785
  Other operating expenses 196,007 167,958 586,199 488,740
  Supplies expense 106,382 94,275 313,747 276,622
  Provision for doubtful accounts 62,590 68,682 173,329 186,587
  Depreciation and amortization 30,136 32,587 90,444 94,630
  Lease and rental expense 15,609 13,884 46,089 39,994
  Interest expense, net 8,381 9,846 25,498 28,808
  742,436 669,457 2,199,939 1,948,166
Income before minority interests, effect of foreign exchange and derivative transactions and income taxes 70,668 51,327 223,481 168,163
Minority interests in earnings of consolidated entities 4,924 3,700 15,485 11,324
Losses on foreign exchange and derivative transactions 255 108 270 1,509
Income before income taxes 65,489 47,519 207,726 155,330
Provision for income taxes 24,038 17,265 76,255 56,515
Net income $41,451 $30,254 $131,471 $98,815
Earnings per common share - basic $0.69 $0.50 $2.20 $1.65
Earnings per common share - diluted $0.65 $0.48 $2.05 $1.56
Weighted average number of common shares - basic 59,883 59,921 59,893 59,889
Weighted average number of common share equivalents 7,292 7,496 7,266 7,373
Weighted average number of common shares and equiv. - diluted 67,175 67,417 67,159 67,262
 
EARNINGS PER SHARE CALCULATION
Net income $41,451 $30,254 $131,471 $98,815
Add: Debenture interest, net of taxes 2,134 2,051 6,317 6,070
Adjusted net income $43,585 $32,305 $137,788 $104,885
Weighted average number of common shares - basic 59,883 59,921 59,893 59,889
Add: Shares for conversion of convertible debentures 6,578 6,578 6,578 6,578
   Other share equivalents 714 918 688 795
Weighted average number of common shares and equiv. - diluted 67,175 67,417 67,159 67,262
Earnings per common share - diluted $0.65 $0.48 $2.05 $1.56


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