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EXHIBIT 11
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS AND
FIRST UNION MANAGEMENT, INC.
STATEMENTS RE: COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Six Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Shares Outstanding:
For computation of primary net
income per share -
Weighted average 23,103 17,171 21,504 17,167
Share equivalents - Options 436 428
- Restricted shares 213 60 210 65
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Adjusted shares outstanding 23,752 17,231 22,142 17,232
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For computation of fully diluted
net income per share -
Weighted average, without regard to,
exercise under share option plans,
or purchase of outstanding shares 23,103 17,171 21,504 17,167
Assumption of exercise under share
option plans 471 471
Weighted average of restricted
shares granted 225 60 225 65
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Adjusted shares outstanding 23,799 17,231 22,200 17,232
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Net Income:
Net income applicable to shares
of beneficial interest (used
for computing primary and
fully diluted net income per
share) $ 727 $ 973 $ 1,697 $ 96
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Net income per share of beneficial interest(1):
Primary and fully diluted
Net income $ .03 $ .06 $ .08 $ .01
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(1) The proforma basic earnings per share for the three months and six
months ended June 30, 1997 was $.03 and $.08 per share, respectively, in
accordance with SFAS 128 (earnings per share).