<PAGE>   1
SUBURBAN BANCSHARES, INC.

EARNINGS PER SHARE CALCULATION                                        EXHIBIT 11

DECEMBER 31, 1998

EARNINGS PER SHARE CALCULATION -- 1998

<TABLE>
<CAPTION>
                                                                                     Income               Shares
Basic Earnings per Share:                                                          (Numerator)         (Denominator)         EPS
<S>                                                                                <C>                 <C>                   <C>
                                                                               
       Net Income                                                                       $1,426,054
                                                                               
                                                                               
       Common Shares Outstanding                                                                             10,951,218
                                                                               
                                                                               
       Basic EPS                                                                        $1,426,054           10,951,218        $0.13
</TABLE>                                                                       

<TABLE>
<CAPTION>
                                                                                     Income               Shares
Diluted Earnings per Share:                                                        (Numerator)         (Denominator)         EPS
<S>                                                                                <C>                 <C>                   <C>


       Net Income                                                                       $1,426,054           10,951,218
                                                                                     
       Additional shares to be issued upon assumed exercise of management stock      
       options                                                                                                  350,000
                                                                                     
                                                                                     
       Shares hypothetically repurchased at the average market price with the        
       proceeds                                                                                                  (9,874)
                                                                                     
                                                                                     
       Additional shares to be issued upon assumed exercise of incentive stock       
       options (b)                                                                                               12,600
                                                                                     
                                                                                     
       Shares hypothetically repurchased at the average market price with the        
       proceeds                                                                                                  (9,331)
                                                                                     
                                                                                     
       Additional shares to be issued upon assumed exercise of incentive stock       
       options (c - dilutive in 1st & 2nd quarters only)                                                        178,000
                                                                                     
       Shares hypothetically repurchased at the average market price with the        
       proceeds                                                                                                 (81,523)
                                                                                     
                                                                                     
       Diluted EPS                                                                      $1,426,054           11,391,089        $0.13
</TABLE>






<PAGE>   2
SUBURBAN BANCSHARES, INC.

EARNINGS PER SHARE CALCULATION                                       EXHIBIT 11

DECEMBER 31, 1998

INFORMATION FOR COMPUTATION OF DILUTION

<TABLE>
<CAPTION>
Market Price per Share:                  Daily Average
      <S>                               <C>
      First Quarter 1998                 $3.6508
      Second Quarter 1998                $4.2398
      Third Quarter 1998                 $3.4910
      Fourth Quarter 1998                $2.7917

Average Price for the Year               $3.5446
</TABLE>

(a)      350,000 Management Stock Options exercisable at $0.10 and outstanding
         for the entire year.

(b)      12,600 options granted 1/22/97 exercisable at $2.625


(c)      178,000 options granted 1/21/98 exercisable at $3.625

<TABLE>
<CAPTION>
          First Quarter 1998                                 Diluted
         <S>                                                 <C>                       <C>

          178,000 - ((178,000*3.50)/avg price) =                  1,258

          Second Quarter 1998                                   Diluted


          178,000 - ((178,000*3.50)/avg price) =                 25,811

          Third Quarter 1998                                    Diluted


          178,000 - ((178,000*3.50)/avg price) =                 (6,832)               Antidilutive

          Fourth Quarter 1998                                   Diluted


          178,000 - ((178,000*3.50)/avg price) =                (53,133)               Antidilutive
</TABLE>