WESTERN PENNSYLVANIA ADVENTURE CAPITAL FUND
10-Q, EX-11, 2000-08-07
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<PAGE>

                                                                      Exhibit 11


                  Western Pennsylvania Adventure Capital Fund
              Schedule of Computation of Earnings Per Common Share
                                For the Periods


<TABLE>
<CAPTION>

                                                                April 1, 2000               January 1, 2000
                                                                   through                      through
                                                                June 30, 2000                June 30, 2000
                                                         ---------------------------  ---------------------------
                                                                 (unaudited)                  (unaudited)
 <S>                                                      <C>                          <C>
Net Income (Loss)                                                        $   21,486                   $   28,010
                                                                         ==========                   ==========

Weighted Average Number of Common Shares Outstanding                      4,239,072                    4,059,716
                                                                         ==========                   ==========

Earnings per Common Share                                                $     0.01                   $     0.01
                                                                         ==========                   ==========



                                                               April 1, 1999               January 1, 1999
                                                                  through                      through
                                                               June 30, 1999                June 30, 1999
                                                         --------------------------   --------------------------
                                                                (unaudited)                  (unaudited)
Net Income (Loss)                                                        $      640                   $   (3,751)
                                                                         ==========                   ==========

Weighted Average Number of Common Shares Outstanding                      2,210,434                    2,210,434
                                                                         ==========                   ==========

Earnings per Common Share                                                $     0.00                   $     0.00
                                                                         ==========                   ==========
</TABLE>



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