Fog Cutter Capital (FCCG) 10-Q 2002 Q3 Quarterly report

EXHIBIT 11

COMPUTATION OF PER SHARE EARNINGS

	Three Months Ended September 30,					Nine Months Ended September 30,
	2002		2001			2002		2001
Diluted net income (loss) per share:
Net income (loss) to common Shareholders	$	1,650,000	$	(4,428,000	)	$	11,807,000	$	(11,151,000	)
Average number of shares outstanding	9,764,343		10,507,413			9,997,472		10,507,413
Net effect of dilutive stock options based on treasury stock method	13,500		—			13,500		—
Net effect of dilutive put option agreements based on the reverse treasury method	129,722		—			110,540		—
Total average shares	9,907,564		10,507,413			10,121,512		10,507,413
Diluted net income (loss) per share	$	0.17	$	(0.42	)	$	1.17	$	(1.06	)