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CORVEL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Years Ended March 31, 2004, 2005, and 2006

  Common
Shares 		Stock
Amount 		Paid-In-Capital Treasury
Shares 		Treasury
Stock 		Retained
Earnings
(Restated) 		Total
Shareholders’
Equity
(Restated)
Balance - March 31, 2003 as
previously reported........... 		15,857,676 $2,000 $47,465,000 (5,231,307) $(84,127,000) $103,880,000 $67,220,000
Restatement for lease liability           -             -             -             -             -   (648,000) (648,000)
Balance - March 31, 2003, as restated 15,857,676 2,000 47,465,000 (5,231,307) (84,127,000) 103,232,000 66,572,000
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) 119,245,000 76,974,000
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) (6,265,148) 129,402,000 73,593,000
Stock issued under employee stock purchase plan........... 35,098 -  658,000 -  -  -  658,000
Stock issued under stock option plan, net of shares repurchased....................... 143,957 -  2,337,000 -  -  -  2,337,000
Income tax benefits from stock option exercises....... -  -  419,000 -  -  -  419,000
Purchase of treasury stock.. -  -  -  (835,339) (18,724,000) -  (18,724,000)
Net income.........................           -             -             -             -             -   9,753,000 9,753,000
Balance — March 31, 2006 16,517,387 $2,000 $61,084,000 (7,100,487) $(132,205,000) $139,155,000 $68,036,000