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Exhibit 11
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FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
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Statements Re: Computation of Per Share Earnings
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(In thousands, except per share data)
Three Months Ended Six Months Ending
June 30, June 30
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1996 1995 1996 1995
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Shares Outstanding
For computation of primary net
income per share -
Weighted average 17,231 18,151 17,232 18,152
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For computation of fully diluted
net income per share -
Weighted average, without regard to exercise
of shares under share option,
restricted stock or employee incentive
plans 17,171 18,110 17,160 18,100
Weighted average of outstanding
shares issued under restricted
stock plan 60 41 65 45
Weighted average of shares issued
under employee incentive plan --- --- 7 7
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Adjusted shares outstanding 17,231 18,151 17,232 18,152
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Net income(1):
Net income applicable to shares of beneficial interest
(used for computing primary and fully diluted
net income per share): $ 973 $ 1,312 $ 96 $ 27,424
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Net Income per share of beneficial interest --
primary and fully diluted:
Income before cumulative effect of
accounting change .06 .07 .01 1.74
Cumulative effect of change in accounting
for internal leasing costs --- --- --- ( .24)
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Net Income $ .06 $ .07 $ .01 $ 1.50
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<FN>
(1) Net income for 1995 has been restated to reflect the change in accounting
method for internal leasing costs which was adopted retroactively to the
first quarter of 1995.
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