# Computation of Per Share Loss



|AAMES FINANCIAL CORPORATION                                   |  |                    |  |                  |  |               |  |                | 
|------------------------------------------------------------- |  | ------------------ |  | ---------------- |  | ------------- |  | -------------- | 
|Basic and Diluted Net Loss Per Common Share                   |  |                    |  |                  |  |               |  |                | 
|For the three and six months ended December 31, 2000 and 1999 |  |                    |  |                  |  |               |  |                | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|                                                              |  | Three Months Ended |  | Six Months Ended | 
|                                                              |  | December 31,       |  | December 31,     | 
|                                                              |  | 2000               |  | 1999             |  | 2000          |  | 1999           | 
|Basic net loss per common share:                              |  |                    |  |                  |  |               |  |                | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|Net income (loss)                                             |  | $ 1,011,000        |  | $ (47,695,000)   |  | $ 1,704,000   |  | $ (46,905,000) | 
|Accrued preferred dividends                                   |  | (3,254,000)        |  | (2,039,000)      |  | (6,416,000)   |  | (3,580,000)    | 
|Net loss available to common stockholders                     |  | $ (2,243,000)      |  | $ (49,734,000)   |  | $ (4,712,000) |  | $ (50,485,000) | 
|Weighted average number of common shares                      |  |                    |  |                  |  |               |  |                | 
|outstanding                                                   |  | 6,211,000          |  | 6,205,000        |  | 6,211,000     |  | 6,204,000      | 
|Basic net loss per common share                               |  | $ (0.36)           |  | $ (8.01)         |  | $ (0.76)      |  | $ (8.14)       | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|Diluted net loss per common share:                            |  |                    |  |                  |  |               |  |                | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|Diluted net loss available to common                          |  | $ (2,243,000)      |  | $ (49,734,000)   |  | (4,712,000)   |  | (50,485,000)   | 
|stockholders                                                  |  |                    |  |                  |  |               |  |                | 
|Diluted weighted average number of                            |  |                    |  |                  |  |               |  |                | 
|common shares outstanding                                     |  | 6,211,000          |  | 6,205,000        |  | 6,211,000     |  | 6,204,000      | 
|                                                              |  |                    |  |                  |  |               |  |                | 
|Diluted net loss per common share                             |  | $ (0.36)           |  | $ (8.01)         |  | $ (0.76)      |  | $ (8.14)       | 
|                                                              |  |                    |  |                  |  |               |  |                |