<PAGE>
<TABLE>
EXHIBIT 11.1
UNIFIED FINANCIAL SERVICES, INC.
EARNINGS PER SHARE CALCULATION
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------- ----------------------------
2000 1999 2000 1999
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INCOME AVAILABLE TO COMMON STOCKHOLDERS
Net loss $(1,364,734) $ (884) $ (128,434) $ (183,782)
Preferred dividends -- -- -- --
----------- ---------- ---------- ----------
Income available to common
stockholders $(1,364,734) $ (884) $ (128,434) $ (183,782)
=========== ========== ========== ==========
CALCULATION OF COMMON STOCK
Common shares outstanding at beginning
of period 2,869,862 2,267,449 2,878,462 2,275,580
Shares issues re: acquisition of M. Wilson
and Associates -- 3,636 -- --
Shares issued re: acquisition of Fully
Armed Production -- 18,182 -- 18,182
Shares issued re: acquisition of Commonwealth
Investment Services -- 27,500 -- 27,500
Shares issued in private placement during period 9,850 161,080 1,250 156,585
Shares issued upon conversion of Series C
preferred stock -- 154,305 -- 154,305
Repurchase of common stock -- 47,110 -- 47,110
----------- ---------- ---------- ----------
Common shares used in basic calculation 2,879,712 2,585,042 2,879,712 2,585,042
----------- ---------- ---------- ----------
Common stock equivalent of options 169,847 61,951 169,847 61,951
Preferred stock Series C conversion in common stock -- 196,965 -- 196,965
----------- ---------- ---------- ----------
Common shares used in fully diluted calculation 3,049,559 2,843,958 3,049,599 2,843,958
----------- ---------- ---------- ----------
EARNINGS PER SHARE
Basic $ (.47) $ -- $ (.04) $ (.07)
=========== ========== ========== ==========
Fully diluted $ (.45) $ -- $ (.04) $ (.06)
=========== ========== ========== ==========
</TABLE>
- 34 -