Exhibit 11

HealthSouth and Subsidiaries

Computation of Per Share Earnings

	For the years ended December 31,
	2004			2003			2002
	(In Thousands, Except Per Share Data)
Numerator:
Loss from continuing operations before cumulative effect of accounting change	$	(153,907	)	$	(451,755	)	$	(406,455	)
(Loss) income from discontinued operations, net of income tax expense		(20,563	)		19,654			(12,180	)
Cumulative effect of accounting change, net of income tax expense		—			(2,456	)		(48,189	)
Net loss	$	(174,470	)	$	(434,557	)	$	(466,824	)
Denominator:
Basic—weighted average common shares outstanding		396,423			396,132			395,520
Diluted—weighted average common shares outstanding		397,625			405,831			408,321
Basic earnings per share:
Loss from continuing operations before cumulative effect of accounting change	$	(0.39	)	$	(1.14	)	$	(1.03	)
(Loss) income from discontinued operations, net of income tax expense		(0.05	)		0.05			(0.03	)
Cumulative effect of accounting change, net of income tax expense		—			(0.01	)		(0.12	)
Net loss	$	(0.44	)	$	(1.10	)	$	(1.18	)
*Diluted earnings per share:
Loss from continuing operations before cumulative effect of accounting change	$	(0.39	)	$	(1.11	)	$	(0.99	)
(Loss) income from discontinued operations, net of income tax expense		(0.05	)		0.05			(0.03	)
Cumulative effect of accounting change, net of income tax expense		—			(0.01	)		(0.12	)
Net loss	$	(0.44	)	$	(1.07	)	$	(1.14	)

* Diluted earnings per share are antidilutive.