Exhibit 11



HORIZON HEALTH CORPORATION



COMPUTATIONS OF EARNINGS PER SHARE



|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|--------------------------------------------- |  | --------------------------------------------------------------- | ------ | --- | ---- | - | ----- | ---- |  | - | ----- | ---
|                                              |  | Years Ended August 31, (In Thousands, Except Per Share Amounts) |       
|                                              |  | 2004                                                            |        |     | 2003 |   |       | 2002 | 
|BASIC                                         |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|                                              |  |                                                                 |       
|Net income                                    |  | $                                                               | 10,775 |     |      | $ | 9,582 |      |  | $ | 8,924 |    
|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|Weighted average shares outstanding (basic)   |  |                                                                 | 5,424  |     |      |   | 5,250 |      |  |   | 5,386 |    
|Basic earnings per share                      |  | $                                                               | 1.99   |     |      | $ | 1.83  |      |  | $ | 1.66  |    
|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|DILUTED                                       |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|                                              |  |                                                                 |       
|Net income                                    |  | $                                                               | 10,775 |     |      | $ | 9,582 |      |  | $ | 8,924 |    
|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|Weighted average shares outstanding (basic)   |  |                                                                 | 5,424  |     |      |   | 5,250 |      |  |   | 5,386 |    
|Effect of dilutive securities (options)       |  |                                                                 | 249    | (1) |      |   | 392   | (1)  |  |   | 503   | (1)
|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    
|Weighted average shares outstanding (diluted) |  |                                                                 | 5,673  |     |      |   | 5,642 |      |  |   | 5,889 |    
|Diluted earnings per share                    |  | $                                                               | 1.90   |     |      | $ | 1.70  |      |  | $ | 1.52  |    
|                                              |  |                                                                 |        |     |      |   |       |      |  |   |       |    

---

|(1) | During 2004, 2003, and 2002 certain options to acquire common stock were not included in certain computations of EPS because the option exercise price was greater than the average
market price of the common shares. The options excluded by quarter are as follows:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                  |  |                  |  |                   
|----------------- |  | ---------------- |  | ------------------
|Quarter Ended     |  | Options Excluded |  | Option Price Range
|August 31, 2004   |  | 19,567           |  | $23.30 - $23.75   
|May 31, 2004      |  | 4,000            |  | $23.75            
|February 29, 2004 |  | 5,159            |  | $23.30 -$23.75    
|November 30, 2003 |  | 10,571           |  | $21.00 -$23.75    
|August 31, 2003   |  | 106,500          |  | $17.01 -$23.75    
|May 31, 2003      |  | 55,413           |  | $16.05 -$23.75    
|February 28, 2003 |  | 6,500            |  | $16.35 -$23.75    
|November 30, 2002 |  | 96,700           |  | $14.51 -$23.75    
|August 31, 2002   |  | 4,870            |  | $14.80 -$23.75    
|May 31, 2002      |  | 4,000            |  | $23.75            
|February 28, 2002 |  | 4,000            |  | $23.75            
|November 30, 2001 |  | 4,670            |  | $13.50 -$23.75