<PAGE>
EXHIBIT 11 - Statement Re: Computation of Per Share Earnings
CARROLLTON BANCORP
<TABLE>
<CAPTION>
Three Months Ended September 30 Nine Months Ended September 30
------------------------------- ------------------------------
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Average shares outstanding - Basic 2,721,413 2,818,988 2,745,843 2,821,027
========= ========= ========= =========
Average shares outstanding - Diluted 2,721,413 2,820,538 2,745,843 2,822,577
========= ========= ========= =========
Net income 448,550 1,365,491 1,334,964 2,443,798
Earnings per share: Basic $ 0.16 $ 0.48 $ 0.49 $ 0.87
========= ========= ========= =========
Earnings per share: Diluted $ 0.16 $ 0.48 $ 0.49 $ 0.87
========= ========= ========= =========
</TABLE>