EXHIBIT 11 FRANKLIN FINANCE CORPORATION COMPUTATION OF NET INCOME PER COMMON SHARE Net income for net income per common share is computed by subtracting from the applicable income the dividend requirements on preferred stock to arrive at income applicable to common stock and dividing this amount by the weighted average number of shares of common stock outstanding during the year. FOR THE YEARS ENDED DECEMBER 31, ----------------------------------------------------------- 2001 2000 1999 ----------------------------------------------------------- INCOME Net income $ 3,092,256 $ 2,847,455 $ 2,467,247 Less: preferred stock dividend requirement 1,800,900 1,800,900 1,800,900 ----------------------------------------------------------- Net income applicable to common stock $ 1,291,356 $ 1,046,555 $ 666,347 =========================================================== SHARES Weighted average number of common shares 22,077 22,077 22,077 NET INCOME PER COMMON SHARE $ 58.49 $ 47.40 $ 30.18 35