EXHIBIT 11

Matria Healthcare, Inc. and Subsidiaries

Computation of Earnings (Loss) per Share

(Amounts in thousands, except per share amounts)

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2004		2003		2004		2003
Net earnings (loss):
Continuing operations	$	4,210		1,669		(7,369	)	3,740
Discontinued operations		(917	)	707		32,869		1,500
	$	3,293		2,376		25,500		5,240
Basic:
Weighted average number of shares outstanding		10,356		10,158		10,297		10,118
Net earnings (loss) per share
Continuing operations	$	0.41		0.16		(0.72	)	0.37
Discontinued operations		(0.09	)	0.07		3.20		0.15
	$	0.32		0.23		2.48		0.52
Diluted:
Weighted average number of shares outstanding		10,356		10,158		10,297		10,118
Shares issuable from assumed exercise of options		490		349		--		183
		10,846		10,507		10,297		10,301
Net earnings (loss) per share
Continuing operations	$	0.39		0.16		(0.72	)	0.36
Discontinued operations		(0.09	)	0.07		3.20		0.15
	$	0.30		0.23		2.48		0.51