Universal Health Services, Inc.
Consolidated Statements of Income
December 2000
(in thousands, except per share amounts)
(unaudited)

  Three months ended December 31, Twelve months ended December 31,
  2000 1999 2000 1999
Net revenues $614,822 $519,390 $2,242,444 $2,042,380
Operating charges:
   Salaries, wages and benefits 240,845 201,757 873,747 793,529
   Other operating expenses 145,415 127,645 515,084 475,070
   Supplies expense 80,368 75,897 301,663 289,074
   Provision for doubtful accounts 56,541 40,142 192,625 166,139
   Depreciation and amortization 28,531 27,463 112,809 108,333
   Lease and rental expense 12,688 12,258 49,039 49,029
   Interest expense, net 8,427 7,321 29,941 26,872
   Nonrecurring charges 7,747 5,300 7,747 5,300
  580,562 497,783 2,082,655 1,913,346
Income before minority interests and income taxes 34,260 21,607 159,789 129,034
Minority interests in earnings of consolidated entities 3,995 79 13,681 6,251
Income before income taxes 30,265 21,528 146,108 122,783
Provision for income taxes 11,176 7,599 52,746 45,008
Net income $19,089 $13,929 $93,362 $77,775
Earnings per common share - basic $0.64 $0.46 $3.10 $2.48
Earnings per common share - diluted $0.62 $0.45 $3.01 $2.43
Weighted average number of common shares - basic 29,837 30,577 30,110 31,417
Weighted average number of common share equivalents 3,746 282 2,300 573
Weighted average number of common shares and equiv. - diluted 33,583 30,859 32,410 31,990
EARNINGS PER SHARE CALCULATION
Net income $19,089 $13,929 $93,362 $77,775
Add: Debenture interest, net of taxes 1,844 --- 4,092 ---
Adjusted net income $20,933 $13,929 $97,454 $77,775
Weighted average number of common shares - basic 29,837 30,577 30,110 31,417
Add: Shares for conversion of convertible debentures 3,289 --- 1,752 ---
   Other share equivalents 457 282 548 573
Weighted average number of common shares and equiv. - diluted 33,583 30,859 32,410 31,990
Earnings per common share - diluted $0.62 $0.45 $3.01 $2.43


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