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SPECIALTY TRUST, INC.
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
EXHIBIT 11

|        |                                                                                                         |  |               |           |               |  |               |           |               |  |   |           |  |  |   |           | 
|------- | ------------------------------------------------------------------------------------------------------- |  | ------------- | --------- | ------------- |  | ------------- | --------- | ------------- |  | - | --------- |  |  | - | --------- | 
|        |                                                                                                         |  | Three months  |           | Three months  |  | Six months    |           | Six months   
|        |                                                                                                         |  | ended         |           | ended         |  | ended         |           | ended        
|        |                                                                                                         |  | June 30, 2002 |           | June 30, 2001 |  | June 30, 2002 |           | June 30, 2001
|        |                                                                                                         |  |               |           |               |  |               |           |              
|        |                                                                                                         |  | (unaudited)   |           | (unaudited)   |  | (unaudited)   |           | (unaudited)  
|Basic   |                                                                                                         |  |               |           |               |  |               |           |               |  |   |           |  |  |   |          
|        | Average Common Shares Outstanding                                                                       |  |               | 6,964,183 |               |  |               | 339,761   |               |  |   | 6,936,449 |  |  |   | 337,754   | 
|        | Net
Earnings (Loss) Attributable to Common Stock                                                        |  | $             | 1,935,809 |               |  | $             | (132,231  | )             |  | $ | 3,718,155 |  |  | $ | 1,173,169 | 
|        | Per Share Amount                                                                                        |  | $             | 0.28      |               |  | $             | (0.39     | )             |  | $ | 0.54      |  |  | $ | 3.47      | 
|Diluted |                                                                                                         |  |               |           |               |  |               |           |               |  |   |           |  |  |   |          
|        | Average Common Shares Outstanding                                                                       |  |               | 6,964,183 |               |  |               | 339,761   |               |  |   | 6,936,449 |  |  |   | 337,754   | 
|        | Average Preferred Shares Outstanding                                                                    |  |               |          |               |  |               | 4,711,952 |               |  |   |          |  |  |   | 4,691,419 | 
|        | Net effect of dilutive stock options outstanding
during the period  based on the treasury
stock method |  |               | 46,484    |               |  |               | 43,339    |               |  |   | 46,484    |  |  |   | 52,375    | 
|        |                                                                                                         |  |               |           |               |  |               |           |               |  |   |           |  |  |   |          
|        | Total                                                                                                   |  |               | 7,010,667 |               |  |               | 5,095,052 |               |  |   | 6,982,933 |  |  |   | 5,081,548 | 
|        | Net Earnings Attributable to Common Stock                                                               |  | $             | 1,935,809 |               |  | $             | 1,269,290 |               |  | $ | 3,718,155 |  |  | $ | 2,574,690 | 
|        | Per Share Amount                                                                                        |  | $             | 0.28      |               |  | $             | 0.25      |               |  | $ | 0.53      |  |  | $ | 0.51      | 

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