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CORVEL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

  Common
Shares 		Stock
Amount 		Paid-In-Capital Treasury
Shares 		Treasury
Stock 		Retained
Earnings 		Shareholders’
Equity
Balance — March 31, 2002 15,617,381 $2,000 $42,825,000 (4,769,780) $(69,140,000) $87,296,000 $60,983,000
Stock issued under employee stock purchase plan........... 37,147   952,000       952,000
Stock issued under stock option plan, net of shares repurchased....................... 203,148   2,423,000       2,423,000
Income tax benefits from stock option exercises.......     1,265,000       1,265,000
Purchase of treasury stock..       (461,527) (14,987,000)   (14,987,000)
Net income.........................                                                                            16,584,000 16,584,000
Balance — March 31, 2003 15,857,676 2,000 47,465,000 (5,231,307) (84,127,000) 103,880,000 67,220,000
Stock issued under employee stock purchase plan........... 39,295   1,143,000       1,143,000
Stock issued under stock option plan, net of shares repurchased....................... 266,133   3,365,000       3,365,000
Income tax benefits from stock option exercises.......     2,035,000       2,035,000
Purchase of treasury stock..       (342,121) (12,154,000)   (12,154,000)
Net income.........................                                                                            16,013,000 16,013,000
Balance — March 31, 2004 16,163,104 2,000 54,008,000 (5,573,428) (96,281,000) 119,893,000 77,622,000
Stock issued under employee stock purchase plan........... 48,883   1,043,000       1,043,000
Stock issued under stock option plan, net of shares repurchased....................... 126,345   1,746,000       1,746,000
Income tax benefits from stock option exercises.......     873,000       873,000
Purchase of treasury stock..       (691,720) (17,200,000)   (17,200,000)
Net income.........................                                                                            10,157,000 10,157,000
Balance — March 31, 2005 16,338,332 $2,000 $57,670,000 (6,265,148) $(113,481,000 $130,050,000 $74,241,000