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                                                                    Exhibit 11.3


           HOME HEALTH CORPORATION OF AMERICA, INC. AND SUBSIDIARIES

       Computation of Primary and Fully diluted Earnings (Loss) Per Share

                            After Extraordinary Item

               for the three and nine months ended March 31, 1996

                  The following calculation is submitted in 
                  accordance with the Securities Act of 1934:
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<CAPTION>
 
                                                 Three months ended                             Nine months ended          
                                                   March 31, 1996                                March 31, 1996            
                                           ----------------------------------           -----------------------------------
                                             Primary         Fully diluted                 Primary          Fully diluted  
                                           -----------    -------------------           ------------     ------------------
                                                              (amounts in thousands, except per share data)                
<S>                                        <C>            <C>                           <C>              <C>               
Net income..............................      $1,162                 $1,162                  $ 745                  $ 745  
Dividends on preferred stock............         (17)                     -                   (101)                  (101) 
Write-off of discount on preferred                                                                                       
  stock.................................           -                      -                   (787)                  (787)
Interest and dividends on                
  convertible securities, net of         
  tax...................................           -                     22                      -                      -
                                           -----------    -------------------           ------------     ------------------
Net income (loss) available to common                                                                                             
  stockholders..........................      $1,145                 $1,184                  $(143)                 $(143) 
                                           ===========    ===================           ============     ===================
                                                                                                                           
Weighted average number of maximum                                                                                         
  shares outstanding during                                                                                                
  period................................       7,889                  7,889                  5,808                  5,874  
Weighted average number of maximum                                                                                         
  shares subject to exercise under                                                                                         
  outstanding stock options and                                                                                            
  warrants, net of treasury shares                                                                                         
  assumed repurchased...................         112                    132                     80                     90  
Shares assumed issued in connection                                                                                        
  with conversion of convertible                                                                                           
  securities, as of the beginning of             185                    444                    185                    185  
  the period............................   -----------    -------------------           ------------     ------------------
Weighted average number of common and                                                                                      
  common equivalent shares outstanding..       8,186                  8,465                  6,073                  6,149  
                                           ===========    ===================           ============     ==================
Net income (loss) per share.............       $0.14                  $0.14                 $(0.02)                $(0.02) 
                                           ===========    ===================           ============     ================== 
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