<PAGE>
 
                                                                      EXHIBIT 11
 
                     CAL FED BANCORP INC. AND SUBSIDIARIES
 
              COMPUTATION OF NET EARNINGS (LOSS) PER COMMON SHARE
              (DOLLARS IN MILLIONS, EXCEPT PER COMMON SHARE DATA)
 
<TABLE>
<CAPTION>
                                   FOR THE THREE MONTHS    FOR THE NINE MONTHS
                                    ENDED SEPTEMBER 30,    ENDED SEPTEMBER 30,
                                   ---------------------- ---------------------
                                      1996        1995       1996       1995
                                   ----------  ---------- ---------- ----------
<S>                                <C>         <C>        <C>        <C>
PRIMARY NET (LOSS) EARNINGS PER
 COMMON SHARE:
 (Loss) earnings before dividends
  on preferred stock of
  subsidiary...................... $    (24.3) $     31.9 $     49.3 $     68.3
 Less: Dividends on preferred
  stock of subsidiary.............        4.6         6.4       18.9       19.2
                                   ----------  ---------- ---------- ----------
 Net (loss) earnings available for
  common stockholders, as adjusted
  for calculation of primary net
  (loss) earnings per common
  share........................... $    (28.9) $     25.5 $     30.4 $     49.1
                                   ==========  ========== ========== ==========
 Weighted average number of common
  shares outstanding.............. 49,412,545  49,199,511 49,363,385 49,199,200
 Dilutive effect of outstanding
  stock options...................         --     747,109    783,833    608,112
                                   ----------  ---------- ---------- ----------
 Weighted average number of
  shares, as adjusted for
  calculation of primary net
  (loss) earnings per common
  share........................... 49,412,545  49,946,620 50,147,218 49,807,312
                                   ==========  ========== ========== ==========
  Primary net (loss) earnings per
   common share................... $    (0.58) $     0.51 $     0.61 $     0.99
                                   ==========  ========== ========== ==========
FULLY-DILUTED NET (LOSS) EARNINGS
 PER COMMON SHARE:
 Net (loss) earnings available for
  common stockholders, as adjusted
  for calculation of fully-diluted
  net (loss) earnings per common
  share........................... $    (28.9) $     25.5 $     30.4 $     49.1
 Add: Interest on convertible
  preferred stock, Series A.......         --         1.8         --         --
                                   ----------  ---------- ---------- ----------
 Net (loss) earnings available for
  common stockholders, as
  adjusted, for calculation of
  fully-diluted net (loss)
  earnings per common share....... $    (28.9) $     27.3 $     30.4 $     49.1
                                   ==========  ========== ========== ==========
 Weighted average number of common
  shares outstanding.............. 49,412,545  49,199,511 49,363,385 49,199,200
 Dilutive effect of outstanding
  stock options...................         --     821,088    890,526    821,088
 Shares issuable from assumed
  exercise of convertible
  preferred stock, Series A.......         --   4,637,897         --         --
                                   ----------  ---------- ---------- ----------
 Weighted average number of
  shares, as adjusted for
  calculation of fully-diluted net
  (loss) earnings per common
  share........................... 49,412,545  54,658,496 50,253,911 50,020,288
                                   ==========  ========== ========== ==========
  Fully-diluted net (loss)
   earnings per common share...... $    (0.58) $     0.50 $     0.60 $     0.98
                                   ==========  ========== ========== ==========
</TABLE>
 
 
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