Exhibit 11.1 Statement of Computation of Earnings Per Share

Exhibit 10.4

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment is effective and made as of the 1^st day of January 2005 by and between Municipal Mortgage & Equity, LLC, a Delaware limited liability company, (the “Employer”) and Mark K. Joseph (the “Executive”), and amends that certain Employment Agreement (the “Agreement”) between Employer and Executive dated July 1, 2003.

WHEREAS, in accordance with the Agreement, Executive was expected to resign his position as Employer’s Chief Executive Officer, but retain his position as Employer’s Chairman of the Board of Directors and an employee of Employer, as of June 30, 2005;

WHEREAS, Employer’s Board of Directors has met and believes that it is in the best interest of the Employer for the Employer’s current President and Chief Operating Officer to become Employer’s Chief Executive Officer as of the beginning of Employer’s fiscal year 2005;

WHEREAS, in furtherance of the acceleration of this succession plan, Executive will resign his position as Chief Executive Officer of Employer as of midnight December 31, 2004, but will retain his position as Chairman of the Board of Directors and an employee of Employer as contemplated in the Agreement;

WHEREAS, as of January 1, 2005, Michael L. Falcone, Employer’s current President and Chief Operating Officer, will assume the position and title of the Employer’s Chief Executive Officer;

WHEREAS, because of the acceleration of the originally contemplated date of this transition, certain changes will need to be made to the Agreement;

NOW, THEREFORE, in consideration of the premises set forth above, the Agreement is amended as follows:

              “(i) Base Compensation: Employer shall pay to Executive a salary (“Base Compensation”) at the annual rate of Three Hundred Twenty-Five Thousand Dollars ($325,000) through June 30, 2004, payable in accordance with the general policies and procedures of Employer for payment of salaries to executive personnel, but in any event no less frequently than every two weeks, in substantially equal installments, subject to withholding for applicable federal, state, and local taxes. Executive’s Base Compensation shall be One Hundred Seventy-Five Thousand Dollars ($175,000) for the period of July 1, 2004 through December 31, 2004. In consideration of Executive’s continued employment with the Company and his provision of the services, responsibilities and duties set forth in Section 2(b) of the Agreement, through June 30, 2005, Executive’s

Base Compensation from January 1, 2005 through June 30, 2005 shall be Eighty-Seven Thousand Five Hundred Dollars ($87,500).”

IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this Agreement as of the date and year first above written.

2