<PAGE>   1
HEALTHCARE COMPARE CORP. AND SUBSIDIARIES                      EXHIBIT 11
COMPUTATION OF PRIMARY EARNINGS PER COMMON SHARE
(UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                      Three Months Ended September 30,
                                                      --------------------------------
                                                            1996              1995   
                                                          --------           -------  
<S>                                                       <C>              <C>

Net income  . . . . . . . . . . . . . . . . . . . .       $20,089,000      $17,252,000   
                                                           ==========       ==========   
Weighted average number of common shares                                                
  outstanding:                                                                          
   Shares outstanding from beginning of period. . .        34,982,000       34,253,000  
   Other issuances of common stock  . . . . . . . .            25,000           96,000  
   Purchases of treasury stock  . . . . . . . . . .          (623,000)              --   
   Common Stock Equivalents:                                                            
   Additional equivalent shares issuable from                                           
     assumed exercise of common stock options . . .           824,000          708,000  
                                                          -----------      -----------    
Weighted average common and common share                                                
  equivalents . . . . . . . . . . . . . . . . . . .        35,208,000       35,057,000  
                                                          ===========      ===========    
Net income per common share . . . . . . . . . . . .       $       .57      $       .49  
                                                           ==========       ==========  
</TABLE>


<TABLE>
<CAPTION>
                                                        Nine Months Ended September 30, 
                                                        -------------------------------
                                                               1996            1995    
                                                             --------        -------    
<S>                                                          <C>           <C>                     

Net income  . . . . . . . . . . . . . . . . . . . .          $58,771,000   $48,482,000    
                                                             ===========   ===========     
Weighted average number of common shares                                                     
  outstanding:                                                                               
   Shares outstanding from beginning of period. . .           34,635,000    34,034,000       

   Other issuances of common stock  . . . . . . . .              379,000       261,000       
                                                                                             
   Purchases of treasury stock  . . . . . . . . . .             (339,000)      (58,000)   

   Common Stock Equivalents:                                                                 
   Additional equivalent shares issuable from                                                
     assumed exercise of common stock options . . .              826,000       783,000      
                                                             -----------   -----------     
Weighted average common and common share                                                     
  equivalents . . . . . . . . . . . . . . . . . . .           35,501,000    35,020,000                    
                                                             ===========   ===========     
  
Net income per common share . . . . . . . . . . . .          $      1.66   $      1.38        
                                                             ===========   ===========     
</TABLE>





                                       16
<PAGE>   2
HEALTHCARE COMPARE CORP. AND SUBSIDIARIES                          EXHIBIT 11
COMPUTATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
(UNAUDITED)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                                        Three Months Ended September 30,
                                                        --------------------------------
                                                               1996          1995    
                                                              -------      --------    

<S>                                                         <C>           <C>
Net income  . . . . . . . . . . . . . . . . . . . .         $20,089,000   $17,252,000
                                                            ===========   ===========
Weighted average number of common shares
  outstanding:
   Shares outstanding from beginning of period. . .          34,982,000    34,253,000
   Other issuances of common stock  . . . . . . . .              25,000        96,000
   Purchases of treasury stock  . . . . . . . . . .            (623,000)           --
   Common Stock Equivalents:
   Additional equivalent shares issuable from
     assumed exercise of common stock options . . .             824,000       840,000
                                                            -----------   -----------
Weighted average common and common share            
  equivalents . . . . . . . . . . . . . . . . . . .          35,208,000    35,189,000
                                                            ===========   ===========
Net income per common share . . . . . . . . . . . .         $       .57   $       .49
                                                            ===========   ===========
</TABLE>



<TABLE>
<CAPTION>
                                                          Nine Months Ended September 30, 
                                                          -------------------------------
                                                                 1996            1995    
                                                               --------         -------    

<S>                                                           <C>           <C>
Net income  . . . . . . . . . . . . . . . . . . . . .         $58,771,000   $48,482,000
                                                              ===========   ===========
Weighted average number of common shares
  outstanding:
   Shares outstanding from beginning of period. . . .          34,635,000    34,034,000
   Other issuances of common stock  . . . . . . . . .             379,000       261,000
   Purchases of treasury stock  . . . . . . . . . . .            (339,000)      (58,000)
                                                                
   Common Stock Equivalents:
   Additional equivalent shares issuable from
     assumed exercise of common stock options . . . .             851,000       848,000
                                                              -----------   ----------- 
Weighted average common and common share
  equivalents . . . . . . . . . . . . . . . . . . . .          35,526,000    35,085,000
                                                              ===========   ===========

Net income per common share . . . . . . . . . . . . .         $      1.65   $      1.38
                                                              ===========   ===========
</TABLE>





                                       17