EXHIBIT 11
Capitol Communities Corporation
Computation of Earnings Per Share
March 31, March 31,
2003 2002
----------------- -----------------
Shares Outstanding Beginning of Period 25,460,061 4,230,361
Shares Issued During Period:
October 18,2001 16,100,000
February 25, 2002 4,200,000
March 26, 2002 145,000
March 29, 2002 75,000
----------------- -----------------
Total Outstanding 25,460,061 24,750,361
Weighted average number of shares outstanding 25,460,061 19,527,476
Shares deemed outstanding from assumed
exercise of stock options - -
----------------- -----------------
Total 25,460,061 19,527,476
================= =================
Earnings (loss) applicable to common shares
Net Income $ (651,941) $ 2,249,078
Preferred Dividends 14,385 -
----------------- -----------------
$ 0.03 $ 0.12
================= =================
Earnings (loss) per share of common stock $ 0.000 $ 0.000
================= =================