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<PAGE>
Exhibit 11
PAULA FINANCIAL AND SUBSIDIARIES
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
Net income (loss) ($521) $845 ($1,554) $2,124
============= ============== ============== =============
Weighted average shares outstanding for
calculating basic earnings per share 5,532,445 5,923,846 5,584,282 5,926,406
Options - 3,678 - 5,897
------------- -------------- ------------- --------------
Total shares for calculating diluted earnings
per share 5,532,445 5,927,524 5,584,282 5,932,303
============= ============== ============== =============
Basic earnings (loss) per share ($0.09) $0.14 ($0.28) $0.36
============= ============== ============== =============
Diluted earnings (loss) per share ($0.09) $0.14 ($0.28) $0.36
============= ============== ============== =============
</TABLE>
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