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                                                                    EXHIBIT 11.2
                           EDUCATIONAL MEDICAL, INC.

             COMPUTATION OF HISTORICAL NET INCOME (LOSS) PER SHARE



<TABLE>
<CAPTION>
                                                                           YEAR ENDED MARCH 31,              
                                                               --------------------------------------------- 
                                                                   1995           1996            1997       
                                                               -------------  -------------  --------------- 
<S>                                                            <C>            <C>            <C>             
Primary and Fully Diluted:                                                                                   
 Weighted average common stock and common stock                                                              
  equivalents outstanding during the period (1)                   2,371,115       2,462,040       4,695,468  
 Convertible Preferred Stock converted into Common Stock                                                     
  upon consummation of initial public offering                            -       1,705,082         981,006  
 Exercise of common stock purchase warrants upon                                                             
  consummation of initial public offering                                 -         870,642         658,865  
 Effect of Common Stock equivalents issued subsequent to                                                     
  August 7, 1995 computed in accordance with the                                                             
  treasury stock method as required by the SEC(2)                   112,000         112,000         112,000  
                                                               ------------   -------------  --------------  
   TOTAL                                                          2,483,115       5,149,764       6,447,339  
                                                               ============   =============  ==============  
Historical income (loss) before extraordinary item               $ (443,779)      $ 526,808      $3,866,643  
Extraordinary item, net of income taxes                                   -               -         308,683  
                                                               ------------   -------------  --------------  
Historical net income (loss)                                     $ (443,779)      $ 526,808      $3,557,960  
                                                               ============   =============  ==============  
Historical income (loss)
  before extraordinary item                                      $    (0.18)      $    0.10      $     0.60  
Extraordinary item, net of income taxes, per share                        -               -           (0.05) 
                                                               ------------   -------------  --------------  
Historical net income (loss) per share                           $    (0.18)      $    0.10      $      .55  
                                                               ============   =============  ==============  
</TABLE>

(1)  Common stock equivalents were antidilutive in 1995, therefore, they were
     not included in the computation of weighted average shares outstanding for
     such period.  Cheap stock is included as outstanding for all periods even
     though the effect is to reduce loss per share in 1995.
(2)  Pursuant to Securities and Exchange Commission Staff Accounting Bulletin
     No. 83, Common Stock equivalents issued at prices below the initial public
     offering price per share ("cheap stock") during the twelve month period
     immediately preceding the initial filing date of the Company's
     Registration Statement for its initial public offering have been included
     as outstanding for all periods presented.