Universal Health Services, Inc.
Consolidated Statements of Income
December 2001
(in thousands, except per share amounts)
(unaudited)

  Three months ended December 31, Twelve months ended December 31,
  2001 2000 2001 2000
Net revenues $724,162 $614,822 $2,840,491 $2,242,444
Operating charges:
   Salaries, wages and benefits 289,643 240,845 1,122,428 873,747
   Other operating expenses 179,286 145,415 668,026 515,084
   Supplies expense 91,469 80,368 368,091 301,663
   Provision for doubtful accounts 53,438 56,541 240,025 192,625
   Depreciation and amortization 32,893 28,531 127,523 112,809
   Lease and rental expense 13,951 12,688 53,945 49,039
   Interest expense, net 7,368 8,427 36,176 29,941
   Nonrecurring charges 40,000 7,747 40,000 7,747
  708,048 580,562 2,656,214 2,082,655
Income before minority interests and income taxes 16,114 34,260 184,277 159,789
Minority interests in earnings of consolidated entities 6,194 3,995 17,518 13,681
Losses on foreign exchange and derivative transactions 7,353 0 8,862 0
Income before income taxes 2,567 30,265 157,897 146,108
Provision for income taxes 632 11,176 57,147 52,746
Net income before extraordinary charge $1,935 $19,089 $100,750 $93,362
Extraordinary charge from early extinguishment of debt, net of taxes $1,008 $0 $1,008 $0
Net income $927 $19,089 $99,742 $93,362
Earnings per common share - basic $0.02 $0.32 $1.67 $1.55
Earnings per common share - diluted $0.02 $0.31 $1.60 $1.50
Weighted average number of common shares - basic 59,829 59,674 59,874 60,220
Weighted average number of common share equivalents 688 7,492 7,346 4,600
Weighted average number of common shares and equiv. - diluted 60,517 67,166 67,220 64,820
EARNINGS PER SHARE CALCULATION
Net income $927 $19,089 $99,742 $93,362
Add: Debenture interest, net of taxes 0 1,844 8,120 4,092
Adjusted net income $927 $20,973 $107,862 $97,454
Weighted average number of common shares - basic 59,829 59,674 59,874 60,220
Add: Shares for conversion of convertible debentures 0 6,577 6,577 3,504
   Other share equivalents 688 913 769 1,096
Weighted average number of common shares and equiv. - diluted 60,517 67,164 67,220 64,820
Earnings per common share - diluted $0.02 $0.31 $1.60 $1.50


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