Exhibit 11

American Healthways, Inc.
Earnings Per Share Reconciliation
November 30, 2005
(Unaudited)
(In thousands, except earnings per share data)

         The following is a reconciliation of the numerator and denominator of basic and diluted earnings per share:

	Three Months Ended November 30,
	2005		2004
Numerator:
Net income - numerator for basic earnings per share	$	6,456	$	7,762
Effect of dilutive securities		—		—
Numerator for diluted earnings per share	$	6,456	$	7,762
Denominator:
Shares used for basic earnings per share		33,961		32,922
Effect of dilutive stock options and awards		2,012		2,367
Shares used for diluted earnings per share		35,973		35,289
Earnings per share:
Basic	$	0.19	$	0.24
Diluted	$	0.18	$	0.22

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