<PAGE>   1



                                                                     EXHIBIT 11


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


<TABLE>
<CAPTION>
                                                                                    For Three Months Ended
                                                                                           March 31,
                                                                                ----------------------------------
                                                                                   1996                    1997
                                                                                ----------              ----------
                                                                                                        As Restated
<S>                                                                             <C>                     <C>       
I.     Reported net earnings
       Net income . . . . . . . . . . . . . . . . . . . . . . . . . . .         $    1,411              $    1,452
                                                                                ==========              ==========
II.   Primary earnings per share
      A. Shares outstanding 
             Weighted average number of shares outstanding during                6,901,823               8,917,863
                  period  . . . . . . . . . . . . . . . . . . . . . . .
             Shares potentially issuable upon the assumed exercise of
                  stock options, net of assumed repurchase using the
                  Treasury Stock Method . . . . . . . . . . . . . . . .            348,619                 241,331
                                                                                ----------              ----------
             Total common shares and common equivalent shares . . . . .          7,250,442               9,159,194
                                                                                ==========              ==========
      B. Computation of net earnings per share
                      Net income  . . . . . . . . . . . . . . . . . . .         $     0.19              $     0.16
                                                                                ==========              ==========

III.  Fully diluted earnings per share (see NOTE below)
       A.   Shares outstanding
              Weighted average number of shares outstanding during              
                  period  . . . . . . . . . . . . . . . . . . . . . . .          6,901,823               8,917,863
              Shares potentially issuable upon the assumed exercise of                                           
                  stock options, net of assumed repurchase using the
                  Treasury Stock Method . . . . . . . . . . . . . . . .            348,679                 241,331
                                                                                ----------              ----------
              Total common shares and common equivalent shares  . . . .          7,250,502               9,159,194
                                                                                ==========              ==========
       B.   Computation of net earnings per share
                      Net income  . . . . . . . . . . . . . . . . . . .         $     0.19              $     0.16
                                                                                ==========              ==========
</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.