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EXHIBIT 11

SPECIALTY TRUST, INC.
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |           | 
|------- | ------------------------------------------------------------------------------------------------------- |  | ------------------ | --------- | ------------------ |  | ----------------- | --------- | ----------------- |  | - | --------- |  |  | - | --------- | 
|        |                                                                                                         |  | Three months ended |           | Three months ended |  | Nine months ended |           | Nine months ended
|        |                                                                                                         |  | September 30,      |           | September 30,      |  | September 30,     |           | September 30,    
|        |                                                                                                         |  | 2002               |           | 2001               |  | 2002              |           | 2001             
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                  
|        |                                                                                                         |  | (unaudited)        |           | (unaudited)        |  | (unaudited)       |           | (unaudited)      
|Basic   |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Average Common Shares Outstanding                                                                       |  |                    | 7,075,801 |                    |  |                   | 340,400   |                   |  |   | 6,983,196 |  |  |   | 338,645   | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Net Earnings Attributable to Common Stock                                                               |  | $                  | 1,936,338 |                    |  | $                 | 213,286   |                   |  | $ | 5,654,493 |  |  | $ | 1,386,595 | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Per Share Amount                                                                                        |  | $                  | 0.27      |                    |  | $                 | 0.63      |                   |  | $ | 0.81      |  |  | $ | 4.09      | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|Diluted |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Average Common Shares Outstanding                                                                       |  |                    | 7,075,801 |                    |  |                   | 340,400   |                   |  |   | 6,983,196 |  |  |   | 338,645   | 
|        | Average Preferred Shares Outstanding                                                                    |  |                    |          |                    |  |                   | 5,750,412 |                   |  |   |          |  |  |   | 5,044,492 | 
|        | Net effect of dilutive stock options outstanding
during the period  based on the treasury
stock method |  |                    | 39,154    |                    |  |                   | 43,399    |                   |  |   | 39,154    |  |  |   | 43,399    | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Total                                                                                                   |  |                    | 7,114,955 |                    |  |                   | 6,134,211 |                   |  |   | 7,022,350 |  |  |   | 5,426,536 | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Net earnings for basic diluted per share                                                                |  | $                  | 1,936,338 |                    |  | $                 | 213,286   |                   |  | $ | 5,654,493 |  |  | $ | 1,386,595 | 
|        | Preferred stock dividend                                                                                |  |                    |          |                    |  |                   | 1,413,586 |                   |  |   |          |  |  |   | 2,815,107 | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Net earnings for diluted earnings per share                                                             |  | $                  | 1,936,338 |                    |  | $                 | 1,626,872 |                   |  | $ | 5,654,493 |  |  | $ | 4,201,702 | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |          
|        | Per Share Amount                                                                                        |  | $                  | 0.27      |                    |  | $                 | 0.27      |                   |  | $ | 0.81      |  |  | $ | 0.77      | 
|        |                                                                                                         |  |                    |           |                    |  |                   |           |                   |  |   |           |  |  |   |