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

  Three months
ended
September 30
Nine months
ended
September 30
2003 2002 2003 2002
Net revenues $896,332 $813,104 $2,694,094 $2,423,420
Operating charges:        
  Salaries, wages and benefits 362,440 323,331 1,075,670 964,633
  Other operating expenses 213,424 196,007 628,950 586,199
  Supplies expense 119,897 106,382 362,190 313,747
  Provision for doubtful accounts 62,288 62,590 189,410 173,329
  Depreciation and amortization 35,799 30,136 105,849 90,444
  Lease and rental expense 15,994 15,609 47,676 46,089
  Interest expense, net 8,615 8,636 27,839 25,768
  818,457 742,691 2,437,584 2,200,209
Income before gains on sales of assets and businesses, minority interests, and income taxes 77,875 70,413 256,510 223,211
Gains on sales of assets and businesses (7,837) 0 (7,837) 0
Minority interests in earnings of consolidated entities 7,476 4,924 21,036 15,485
Income before income taxes 78,236 65,489 243,311 207,726
Provision for income taxes 29,175 24,038 90,510 76,255
  Net income $49,061 $41,451 $152,801 $131,471
 
Earnings per common share - basic $0.86 $0.69 $2.65 $2.20
Earnings per common share - diluted $0.79 $0.65 $2.45 $2.05
 
EARNINGS PER SHARE CALCULATION        
Net income $49,061 $41,451 $152,801 $131,471
Add: Debenture interest, net of taxes 2,222 2,134 6,577 6,317
Adjusted net income $51,283 $43,585 $159,378 $137,788
Weighted average number of common shares - basic 57,354 59,883 57,762 59,893
Add: Shares for conversion of convertible debentures 6,577 6,577 6,577 6,577
  Other share equivalents 909 715 787 689
Weighted average number of common shares and equiv. - diluted 64,840 67,175 65,126 67,159
Earnings per common share - diluted $0.79 $0.65 $2.45 $2.05


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