EXHIBIT 11.1 FirstAmerica Automotive, Inc Statement of Computation of Per Share Earnings (in thousands, except share data) Quarter Ended Quarter Ended March 31, 1998 March 31, 1997 ------------- ------------- Net income per income statement $735 $34 Less: Redeemable preference dividends (70) - Redeemable preferred stock liquidation preference accretion (20) - Preferred stock discount amortization (20) - ------------- ------------- Net income applicable to common stockholders $625 $34 ============= ============= BASIC Average common shares outstanding 14,224,845 7,841,092 ============= ============= Net income per common share, basic $0.04 $0.01 ============= ============= DILUTED Average common shares outstanding 14,224,845 7,841,092 Net effect of dilutive stock options 227,149 - Net effect of warrants 182,769 - ------------- ------------- Total 14,634,763 7,841,092 ============= ============= Net income per common share, diluted $0.04 $0.01 ============= =============