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                                                                      EXHIBIT 11

                    MATRIA HEALTHCARE, INC. AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS (LOSS) PER SHARE
                (Amounts in thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED     TWELVE MONTHS ENDED
                                                               DECEMBER 31,            DECEMBER 31,
                                                          ---------------------   ---------------------
                                                             2005       2004        2005        2004
                                                          ---------   ---------   --------   ----------
<S>                                                       <C>         <C>         <C>        <C>
BASIC
Net earnings (loss)
   Continuing operations                                  $  1,510    $   (534)   $  4,014   $ (20,077)
   Discontinued operations                                  (2,864)      2,100       9,949      47,143
                                                          --------    --------    --------   ---------
         Net earnings (loss) available to common
             shareholders                                 $ (1,354)   $  1,566    $ 13,963   $  27,066
                                                          ========    ========    ========   =========
SHARES:
   Weighted average number of common shares outstanding     20,752      15,741      18,795      15,520
                                                          ========    ========    ========   =========
NET EARNINGS (LOSS) PER COMMON SHARE:
   Continuing operations                                  $   0.07    $  (0.03)   $   0.21   $   (1.29)
   Discontinued operations                                   (0.14)       0.13        0.53        3.03
                                                          --------    --------    --------   ---------
         Total                                            $  (0.07)   $   0.10    $   0.74   $    1.74
                                                          ========    ========    ========   =========

DILUTED:
Net earnings (loss) available to common shareholders      $ (1,354)   $  1,566    $ 13,963   $  27,066
                                                          ========    ========    ========   =========

SHARES:
Weighted average number of common shares outstanding        20,752      15,741      18,795      15,520
Shares issuable from assumed exercise of options             1,017          --       1,079          --
                                                          --------    --------    --------   ---------
                                                            21,769      15,742      19,874      15,520
                                                          ========    ========    ========   =========
NET EARNINGS (LOSS) PER COMMON SHARE:
   Continuing operations                                  $   0.07    $  (0.03)   $   0.20   $   (1.29)
   Discontinued operations                                   (0.13)       0.13        0.50        3.03
                                                          --------    --------    --------   ---------
      Total                                               $  (0.06)   $   0.10    $   0.70   $    1.74
                                                          ========    ========    ========   =========
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