<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       NINE MONTHS ENDED
                                                                                   SEPTEMBER 30,           SEPTEMBER 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         NINE MONTHS ENDED
                                                                                  SEPTEMBER 30,              SEPTEMBER 30,
                                                                            ------------------------     --------------------
                           CONSOLIDATED                                        2003           2002         2003       2002
                                                                               ----           ----         ----       ----
<S>                                                                         <C>            <C>            <C>       <C>
 Net earnings............................................................   $ 54,979       $  36,408      154,033   $ 111,560

 Dividends paid on preferred stocks......................................       (130)           (130)        (390)       (390)
                                                                            --------       ---------      -------   ---------
                                                                            --------       ---------      -------   ---------
 Income used in per share computation of earnings........................   $ 54,849       $  36,278      153,643   $ 111,170
                                                                            ========       =========      =======   =========

 Basic and fully dilutive earnings per share.............................   $   0.61       $    0.40         1.71   $    1.24
                                                                            ========       =========      =======   =========
</TABLE>