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                                   EXHIBIT 11




MS FINANCIAL, INC.
COMPUTATION OF PER SHARE INCOME (LOSS)
(in thousands except per share data)


<TABLE>
<CAPTION>
                                                                Year Ended           Year Ended           Year Ended         
                                                             December 31, 1994    December 31, 1995    December 31, 1996     
                                                             -----------------    -----------------    -----------------     
                                                                                                                             
<S>                                                                <C>                  <C>                 <C>              
Weighted Average Shares:                                                                                                     
                                                                                                                             
        Common Stock Outstanding                                     8,800               9,685               10,433          
                                                                                                                             
        Option Shares Outstanding                                      978                 333(1)                 0(1)       
                                                                                                                             
        Shares assumed repurchased                                                                                           
        using treasury stock                                                                                                 
        method                                                        (446)                (86)(1)                0(1)       
                                                                  --------            --------             --------          
                                                                                                                             
                                                                                                                             
Weighted Average Shares Outstanding:                                 9,332               9,932               10,433          
                                                                  ========            ========             ========          
                                                                                                                             
                                                                                                                             
        Net Income (Loss)                                         $  4,385            $  6,501             $(22,014)         
                                                                  ========            ========             ========          
                                                                                                                             
                                                                                                                             
Computation of net income (loss) per share:                                                         
                                                                                                                             
        Net income (loss) divided                                                                                            
        by weighted average                                                                                                  
        shares outstanding                                        $   0.47            $   0.65             $  (2.11)         
                                                                  ========            ========             ========          
                                                                                                                             
</TABLE>

(1) Excludes antidilutive options