<PAGE>   1
                                                                      EXHIBIT 11



                   UNITED DENTAL CARE, INC. AND SUBSIDIARIES
                       COMPUTATION OF PER SHARE EARNINGS
                    (in thousands, except per share amounts)


<TABLE>
<CAPTION>
                                                                            For Three Months Ended       For Nine Months Ended 
                                                                                 September 30,               September 30,     
                                                                             --------------------         -------------------  
                                                                              1995          1996           1995         1996     
                                                                             -------       ------         -------      ------  
 <S>   <C>                                                                   <C>           <C>            <C>          <C>     
 I.      Reported net earnings                                                                                                 
         ---------------------                                                                                                 
         Income before extraordinary charge . . . . . . . . . . . . . .     $   960       $1,876          $2,211      $4,932  
         Extraordinary charge, net of tax . . . . . . . . . . . . . . .        (142)        ----            (142)       ----  
                                                                            -------       ------         -------      ------  
                       Net income . . . . . . . . . . . . . . . . . . .     $   818        1,876           2,069       4,932  
                                                                            =======       ======         =======      ======  
 II.     Primary earnings per share                                                                                             
         --------------------------                                                                                             
         A.   Shares outstanding                                                                                                
              Weighted average number of shares outstanding during                                                           
                    period  . . . . . . . . . . . . . . . . . . . . .         4,756        6,908           4,428       6,906  
              Shares potentially issuable upon the assumed exercise of                                                       
                    stock options, net of assumed repurchase using the                                                        
                    Treasury Stock Method  . . . . . . . . . . . . . . .        300          261             418         298  
                                                                            -------       ------         -------      ------  
              Total common shares and common equivalent shares . . . . .      5,056        7,169           4,846       7,204  
                                                                            =======       ======         =======      ======  
         B.   Computation of net earnings per share. . . . . . . . . . .
              Income before extraordinary charge . . . . . . . . . . . .    $  0.19       $ 0.26         $  0.45      $ 0.68  
              Extraordinary charge, net of tax.  . . . . . . . . . . . .       (0.03)        ----           (0.03)       ----  
                                                                             -------       ------         -------      ------  
                       Net income  . . . . . . . . . . . . . . . . . . .     $  0.16       $ 0.26         $  0.42      $ 0.68  
                                                                             =======       ======         =======      ======  
                                                                                                                               
 III.    Fully diluted earnings per share (see NOTE below)                                                                       
         -------------------------------------------------                                                                       
         A.   Shares outstanding                                                                                               
              Weighted average number of shares outstanding during
                    period . . . . . . . . . . . . . . . . . . . . . . .       4,756        6,908           4,428       6,906  
                                                                                                                               
              Shares potentially issuable upon the assumed exercise of                                                       
                    stock options, net of assumed repurchase using the                                                         
                    Treasury Stock Method  . . . . . . . . . . . . . . .         355          276             513         302  
                                                                             -------       ------         -------      ------  
              Total common shares and common equivalent shares . . . . .       5,056        7,184           4,941       7,208  
                                                                             =======       ======         =======      ======  
         B.   Computation of net earnings per share                                                                            
              Income before extraordinary charge   . . . . . . . . . . .     $  0.19       $ 0.26         $  0.45      $ 0.68  
              Extraordinary charge, net of tax   . . . . . . . . . . . .       (0.03)        ----           (0.03)       ----  
                                                                             -------       ------         -------      ------  
                       Net income  . . . . . . . . . . . . . . . . . . .     $  0.16       $ 0.26         $  0.42      $ 0.68  
                                                                             =======       ======         =======      ======  


</TABLE>

NOTE:  The amounts of per share earnings on the fully diluted basis are not
required to be presented in the consolidated statements of operations under the
provisions of Accounting Principles Board Opinion No. 15 since there is no
significant difference between primary and fully diluted earnings per share.