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Allied Capital Mortgage Corporation
Exhibit 11 Computation of Earnings Per Common Share
Form 10-Q
September 30, 1996


<TABLE>
<CAPTION>
                                            For the Three Months Ended            For the Nine Months Ended  
                                                  September 30,                         September 30,         
                                            --------------------------            --------------------------  
                                                  1996        1995                      1996        1995      
                                            --------------------------            --------------------------  
<S>                                             <C>             <C>                   <C>             <C>     
Primary Earnings Per Common Share:                                                                            
                                                                                                              
      Net Income                                   $0           N/A                      $0           N/A     
                                            ==========================            ==========================  
                                                                                                              
                                                                                                              
                                                                                                              
                                                                                                              
      Weighted average of common                                                                              
           shares outstanding                      70            0                       70            0      
                                                                                                              
                                                                                                              
      Weighted average of common                                                                              
           shares issuable on exercise                                                                        
           of outstanding stock options             0            0                        0            0      
                                            --------------------------            --------------------------  
                                                                                                              
                                                                                                              
      Weighted average of common                                                                              
           shares outstanding, as                                                                             
           adjusted                                70            0                       70            0      
                                            ==========================            ==========================  
                                                                                                              
                                                                                                              
                                                                                                              
      Net Income per share                      $0.00           N/A                   $0.00           N/A     
                                            ==========================            ==========================  
                                                                                                              
                                                                                                              
                                                                                                              
                                                                                                              
                                                                                                              
Fully Diluted Earnings Per Common Share:                                                                      
                                                                                                              
                                                                                                              
      Net Income                                   $0           N/A                      $0           N/A     
                                            ==========================            ==========================  
                                                                                                              
                                                                                                              
      Weighted average common                                                                                 
           shares and common share                                                                            
           equivalents as computed for                                                                        
           primary earnings per share              70            0                       70            0      
                                                                                                              
                                                                                                              
                                                                                                              
      Weighted average of additional                                                                          
           shares issuable on exercise                                                                        
           of outstanding stock options             0            0                        0            0      
                                            --------------------------            --------------------------  
                                                                                                              
      Weighted average of common                                                                              
           shares outstanding, as                                                                             
           adjusted                                70            0                       70            0      
                                            ==========================            ==========================  
                                                                                                              
                                                                                                              
                                                                                                              
      Net Income per share assuming full                                                                      
           dilution                             $0.00           N/A                   $0.00           N/A     
                                            ==========================            ==========================  
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