<PAGE>

                                                                      EXHIBIT 11

             FRESENIUS MEDICAL CARE HOLDINGS, INC. AND SUBSIDIARIES
        WEIGHTED AVERAGE NUMBER OF SHARES AND EARNINGS USED IN PER SHARE
                                   COMPUTATION
                        (DOLLARS AND SHARES IN THOUSANDS)

<TABLE>
<CAPTION>
                                                           THREE MONTHS ENDED
                                                                MARCH 31,
                                                         ----------------------
                                                           2003          2002
                                                         --------      --------
<S>                                                      <C>           <C>
The weighted average number of shares of
  Common Stock were as follows .....................       90,000        90,000
                                                         ========      ========
</TABLE>

Income used in the computation of earnings per share were as follows:

<TABLE>
<CAPTION>
                                                           THREE MONTHS ENDED
                                                                MARCH 31,
                                                         ----------------------
CONSOLIDATED                                               2003          2002
                                                         --------      --------
<S>                                                      <C>           <C>
Net earnings .......................................     $ 45,309      $ 40,458

Dividends paid on preferred stocks .................         (130)         (130)
                                                         --------      --------

                                                         --------      --------
Income used in per share computation of earnings ...     $ 45,179      $ 40,328
                                                         ========      ========

Basic and fully dilutive earnings per share ........     $   0.50      $   0.45
                                                         ========      ========
</TABLE>