Exhibit 11 First Montauk Financial Corp. Computation of Earnings Per Share Three months ended March 31, 2000 1999 Numerator: Basic: Net income (loss) $ 1,888,320 $ 647,969 Deductions: Preferred stock dividends (25,539) - ----------- --------- Net income (loss) for basic computation [A] $ 1,862,781 $ 647,969 =========== ========= Diluted: Net income (loss) for basic computation $ 1,862,781 $ 647,969 Additions: Preferred stock dividends 25,539 - Interest on convertible debt, net of taxes 14,046 12,968 ---------- ---------- Net income (loss) for diluted computation [B] $ 1,902,366 $ 660,937 ========== ========== Denominator: Basic: Weighted average common shares outstanding [C] 9,718,651 9,836,442 ========== ========== Diluted: Weighted average common shares outstanding-basic 9,718,651 9,836,442 Additions: Incremental shares from assumed conversion of stock options and warrants using the treasury stock method 381,452 346,468 Incremental shares from assumed conversion of convertible debt and preferred stock using the if-converted method 1,424,285 380,000 ---------- ---------- Weighted average common and common equivalent shares outstanding-diluted [D] 11,524,388 10,562,910 ========== ========== Per share: Basic [A]/[C] $ 0.19 $ 0.07 Diluted [B]/[D] $ 0.17 $ 0.06