EXHIBIT 11 FIRST MONTAUK FINANCIAL CORP. COMPUTATION OF EARNINGS PER SHARE Year ended December 31, 2000 1999 1998 Basic: Income (loss) before extraordinary loss $(655,208) $2,283,278 $(2,762,847) Extraordinary loss (34,200) -- -- Net income (loss) (689,408) 2,283,278 (2,762,847) Less: Preferred stock dividends (102,728) (67,750) -- Net income (loss) for basic computation $(792,136) $ 2,215,528 $(2,762,847) Weighted average common shares outstanding 9,450,055 9,878,129 9,725,116 Per share - basic: Before extraordinary loss $(.08) $.22 $(.28) Extraordinary loss -- -- -- Net income (loss) available to common stockholders $ .08 $.22 $(.28) Diluted: Net income (loss) for basic computation $(792,136) $ 2,215,528 $(2,762,847) Additions: Preferred stock dividends -- 67,750 -- Interest on convertible debt, net of taxes -- 28,384 -- Net income (loss) for diluted computation $(792,136) $ 2,311,662 $(2,762,847) Weighted average common shares outstanding 9,450,055 9,878,129 9,725,116 Additions: Incremental shares from assumed conversion of stock options and warrants using the treasury stock method -- 691,759 -- Incremental shares from assumed conversion of convertible debt and preferred stock using the if-converted method -- 692,820 -- Weighted average common and common equivalent shares outstanding - diluted 9,450,055 11,262,708 9,725,116 Per share - diluted: Before extraordinary loss $(.08) $.21 $(.28) Extraordinary loss -- -- -- Net income (loss) available to common stockholders $(.08) $.21 $(.28) See notes to consolidated financial statements.