First Mortgage Corporation Notes to Financial Statements (continued) Exhibit 11.1 First Mortgage Corporation Computation of Per Share Earnings Three Years Ended March 31, 1997 Year ended March 31 1997 1996 1995 Primary earnings (loss) per share: Shares used in computing primary earnings per share: Weighted average shares outstanding 5,872,596 5,882,966 5,946,681 Effect of stock options treated as equivalents under the treasury stock method 1,335 7,131 - Total 5,873,931 5,890,097 5,946,681 Net income (loss) $1,115,000 $2,569,000 $(548,000) Earnings (loss) per share $.19 $.44 $(.09) Fully diluted earnings (loss) per share: Shares used in computing fully diluted earnings per share: Weighted average shares outstanding 5,872,596 5,882,966 5,946,681 Effect of stock options treated as equivalents under the treasury stock method 1,335 7,131 - Total 5,873,931 5,890,097 5,946,681 Net income (loss) $1,115,000 $2,569,000 $(548,000) Earnings (loss) per share $.19 $.44 $(.09)