<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    SIX MONTHS ENDED
                                                  JUNE 30,              JUNE 30,
                                             ------------------    -----------------
                                              2003       2002       2003       2002
                                             ------     ------     ------     ------
<S>                                          <C>        <C>        <C>        <C>
The weighted average number of shares of
  Common Stock were as follows .........     90,000     90,000     90,000     90,000
                                             ======     ======     ======     ======
</TABLE>

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

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED           SIX MONTHS ENDED
                                                                 JUNE 30,                    JUNE 30,
                                                          ----------------------      ----------------------
                                                            2003          2002          2003          2002
                                                          --------      --------      --------      --------
<S>                                                       <C>           <C>           <C>           <C>
CONSOLIDATED
Net earnings .......................................      $ 53,745      $ 34,694        99,054      $ 75,152

Dividends paid on preferred stocks .................          (130)         (130)         (260)         (260)
                                                          --------      --------      --------      --------

                                                          --------      --------      --------      --------
Income used in per share computation of earnings ...      $ 53,615      $ 34,564        98,794      $ 74,892
                                                          ========      ========      ========      ========
Basic and fully dilutive earnings per share ........      $   0.60      $   0.38          1.10      $   0.83
                                                          ========      ========      ========      ========
</TABLE>