Exhibit 11


                    WEBFINANCIAL CORPORATION AND SUBSIDIARIES
         Statement Regarding Computation of Net Income (Loss) Per Share
                 (Amounts in thousands except per share amounts)

                                                              For the Nine Months Ended
                                                       September 30, 2001       September 30, 2000
                                                       ------------------       ------------------

Net income (loss)                                           $(1,134)                 $   425

Shares used in computation:

Weighted average number of common shares and
  common share equivalents, basic                             4,367                    4,354

Common shares and common share equivalents,
  fully diluted                                               4,367                    4,696

Net income (loss) per share-basic                           $  (.26)                 $   .10

Net income (loss) per share-diluted                         $  (.26)                 $   .09



Common stock equivalents (stock options and warrants) that were outstanding
during the nine month period ended September 30, 2001 that could potentially
dilute basic earnings per share in the future were not included in the
computation of earnings per share because the net loss makes them antidilutive.