Exhibit 11
First Montauk Financial Corp.
Computation of Earnings Per Share
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<S> <C> <C> <C> <C>
Six months ended June 30, Three months ended June 30,
2000 1999 2000 1999
Numerator:
Basic:
Income before extraordinary loss $ 2,032,167 $ 1,357,038 $ 143,847 $ 709,069
Extraordinary loss (34,200) - (34,200) -
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Net income 1,997,967 1,357,038 109,647 709,069
Deductions:
Preferred stock dividends (51,079) - (25,540) -
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Net income for basic computation $ 1,946,888 $ 1,357,038 $ 84,107 $ 709,069
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Diluted:
Net income for basic computation $ 1,946,888 $ 1,357,038 $ 84,107 $ 709,069
Additions:
Preferred stock dividends 51,079 - 25,540 -
Interest on convertible debt, net of taxes 21,595 21,518 7,549 8,550
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Net income for diluted computation $ 2,019,562 $ 1,378,556 $ 117,196 $ 717,619
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Denominator:
Basic:
Weighted average common shares outstanding 9,644,264 9,866,057 10,005,903 9,895,643
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Diluted:
Weighted average common shares outstanding-basic 9,644,264 9,866,057 10,005,903 9,895,643
Additions:
Incremental shares from assumed conversion of stock
options and warrants using the treasury stock method 463,463 359,754 435,473 422,290
Incremental shares from assumed conversion of
convertible debt and preferred stock using the
if-converted method 1,297,617 380,000 1,170,952 380,000
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Weighted average common and common equivalent
shares outstanding-diluted 11,405,344 10,605,811 11,612,328 10,697,933
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Per share:
Basic:
Before extraordinary loss $ 0.20 $ 0.14 $ 0.01 $ 0.07
Extraordinary loss - - - -
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Net income $ 0.20 $ 0.14 $ 0.01 $ 0.07
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Diluted
Before extraordinary loss $ 0.18 $ 0.13 $ 0.01 $ 0.07
Extraordinary loss - - - -
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Net income $ 0.18 $ 0.13 $ 0.01 0.07
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