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                                   EXHIBIT 11

                   MOBILE AMERICA CORPORATION AND SUBSIDIARIES

                  UNAUDITED COMPUTATIONS OF EARNINGS PER SHARE

                QUARTERS ENDED SEPTEMBER 30, 1997 AND 1996 AND

                NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

            


                                                    Quarters Ended September 30           Nine Months Ended September 30         
                                                     1997                 1996               1997                1996
                                                  ----------          ----------          ----------          ----------
                                                                                                         
Net Income                                        $1,669,470          $2,003,741          $5,321,851          $5,474,478
                                                  ==========          ==========          ==========          ==========

Weighted average
Common shares outstanding                          7,147,334           7,184,058           7,155,845           7,184,058

Effect of weighting treasury stock acquired                0                   0                   0                   0
                                                  ----------          ----------          ----------          ----------


Common and common equivalent shares
  used in computing earnings per share             7,147,334           7,184,058           7,155,845           7,184,058
                                                  ==========          ==========          ==========          ==========




Earnings per share                                $     0.23          $     0.28          $     0.74          $     0.76
                                                  ==========          ==========          ==========          ==========

Prior share and per share amounts adjusted for 15% stock dividend