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                                                                      EXHIBIT 11
 
                          AAMES FINANCIAL CORPORATION
 
                               EARNINGS PER SHARE
       FOR THE THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 1999 AND 1998
 
<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED            NINE MONTHS ENDED
                                                MARCH 31,                     MARCH 31,
                                        --------------------------    --------------------------
                                            1999           1998           1999           1998
                                        ------------    ----------    ------------    ----------
                                                        (RESTATED)                    (RESTATED)
<S>                                     <C>             <C>           <C>             <C>
BASIC EARNINGS (LOSS) PER COMMON
  SHARE:
  Net income (loss) for calculating
     basic earnings per common
     share............................  $(35,979,000)    2,018,000    (233,880,000)   21,121,000
  Average common shares outstanding...    31,006,962    27,898,000      30,997,059    27,827,000
                                        ------------    ----------    ------------    ----------
     Basic earnings (loss) per common
       share..........................  $      (1.16)         0.07           (7.55)         0.76
                                        ============    ==========    ============    ==========
DILUTED EARNINGS (LOSS) PER COMMON
  SHARE:
  Net income (loss) for calculating
     diluted earnings per common
     share............................   (35,979,000)    2,018,000    (233,880,000)   21,121,000
  Adjust net income to add back the
     after-tax amount of interest
     recognized in the period
     associated with the convertible
     subordinated notes...............            --            --              --     2,726,000
                                        ------------    ----------    ------------    ----------
     Adjusted net income (loss).......  $(35,979,000)    2,018,000    (233,880,000)   23,847,000
                                        ============    ==========    ============    ==========
  Average common shares outstanding...    31,006,962    27,898,000      30,997,059    27,827,000
  Add exercise of options and
     warrants.........................            --       842,000              --     1,163,000
  Convertible subordinated notes......            --            --              --     6,107,000
                                        ------------    ----------    ------------    ----------
     Diluted shares outstanding.......    31,006,962    28,740,000      30,997,059    35,097,000
                                        ============    ==========    ============    ==========
  Diluted earnings (loss) per common
     share............................  $      (1.16)         0.07           (7.55)         0.68
                                        ============    ==========    ============    ==========
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