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<PAGE>
EXHIBIT 11.
DVL, INC. and Subsidiaries
Computation of Earnings Per Share
(in thousands except share and per share data)
(unaudited)
Three Months Ended
June 30,
-----------------------
2000 1999
---------- ----------
Income before extraordinary gain $ 19 $ 638
Extraordinary gain 126 497
---------- ----------
Net income $ 145 $ 1,135
========== ==========
Weighted average number of common
shares outstanding - basic 16,560,450 16,560,450
Shares issuable upon exercise of
dilutive options and warrants 86,737,675 57,530,883
Less shares assumed repurchased (16,019,334) (9,776,900)
---------- ----------
Weighted average number of common
shares outstanding - diluted 87,278,791 64,314,433
========== ==========
Basic earnings per share:
Income before extraordinary gain $ .00 $ .04
Extraordinary gain .01 .03
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Net income $ .01 $ .07
========== ==========
Diluted earnings per share:
Income before extraordinary gain $ .00 $ .01
Extraordinary gain .00 .01
---------- ----------
Net income $ .00 $ .02
========== ==========
<PAGE>
EXHIBIT 11.
DVL, INC. and Subsidiaries
Computation of Earnings Per Share
(in thousands except share and per share data)
(unaudited)
Six Months Ended
June 30,
-----------------------
2000 1999
---------- ----------
(Loss) income before extraordinary gain $ (107) $ 872
Extraordinary gain 149 1,233
---------- ----------
Net income $ 42 $ 2,105
========== ==========
Weighted average number of common
shares outstanding - basic 16,560,450 16,560,450
Shares issuable upon exercise of
dilutive options and warrants -- 57,530,883
Less shares assumed repurchased - (9,776,900)
---------- ----------
Weighted average number of common
shares outstanding - diluted 16,560,450 64,314,433
========== ==========
Basic earnings per share:
(Loss) income before extraordinary gain $ (.01) $ .05
Extraordinary gain .01 .08
---------- ----------
Net income $ .00 $ .13
========== ==========
Diluted earnings per share:
(Loss) Income before extraordinary gain $ (.01) $ .02
Extraordinary gain .01 .02
---------- ----------
Net income $ .00 $ .04
========== ==========
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