Exhibit 11
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First Montauk Financial Corp.
Computation of Earnings Per Share
<S> <C> <C> <C> <C>
Nine months ended September 30, Three months ended September 30,
2000 1999 2000 1999
Numerator:
Basic:
Income (loss) before extraordinary loss $ 1,641,994 $ 1,456,337 $ (390,171) $ 99,299
Extraordinary loss (34,200) - - -
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Net income (loss) 1,607,794 1,456,337 (390,171) 99,299
Deductions:
Preferred stock dividends (75,784) (42,344) (24,705) (42,344)
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Net income (loss) for basic computation $ 1,532,010 $ 1,413,993 $ (414,876) $ 56,955
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Diluted:
Net income (loss) for basic computation $ 1,532,010 $ 1,413,993 $ - $ 56,955
Additions:
Preferred stock dividends 75,784 42,344 - 42,344
Interest on convertible debt, net of taxes 16,746 25,650 - 8,550
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Net income (loss) for diluted computation $ 1,624,540 $ 1,481,987 $ - $ 107,849
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Denominator:
Basic:
Weighted average common shares outstanding 9,560,256 9,880,174 9,394,457 9,908,027
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Diluted:
Weighted average common shares outstanding-basic 9,560,256 9,880,174 9,394,457 9,908,027
Additions:
Incremental shares from assumed conversion of stock
options and warrants using the treasury stock method 245,193 361,891 - 309,726
Incremental shares from assumed conversion of
convertible debt and preferred stock using the
if-converted method 1,213,174 436,458 - 605,811
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Weighted average common and common equivalent
shares outstanding-diluted 11,018,623 10,678,523 9,394,457 10,823,564
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Per share:
Basic:
Before extraordinary loss $ 0.16 $ 0.14 $ (0.04) $ 0.01
Extraordinary loss - - - -
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Net income (loss) $ 0.16 $ 0.14 $ (0.04) $ 0.01
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Diluted
Before extraordinary loss $ 0.15 $ 0.14 $ (0.04) $ 0.01
Extraordinary loss - - - -
---------- ----------- ----------- -------------
Net income (loss) $ 0.15 $ 0.14 $ (0.04) $ 0.01
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