|EXHIBIT
      11                                                 |  |  |                                                                |   |          |   | 
|---------------------------------------------------------------- |  |  | -------------------------------------------------------------- | - | -------- | - | 
|                                                                 |  |  |                                                                |   |          |   | 
|AAMES
      FINANCIAL CORPORATION and SUBSIDIARIES               |  |  |                                                                |   |          |   | 
|Per Share
      Data Computations                                |  |  |                                                                |   |          |   | 
|(In
      thousands, except per share data)                      |  |  | Three Months
      Ended                  
      September 30, |   |         
|                                                                 |  |  | 2002                                                           |   | 2001     |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic net
      income (loss) per common share:                  |  |  |                                                                |   |          |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Net income                                                       |  |  | $ 9,914                                                        |   | $ 626    |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Less: Accrued dividends on Series B, C and D                     |  |  |                                                                |   |          |   | 
|Convertible Preferred Stock                                      |  |  | (3,823                                                         | ) | (4,324   | ) | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic net income (loss) to common
    stockholders               |  |  | $ 6,091                                                        |   | $ (3,698 | ) | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic weighted average number
      of common shares outstanding |  |  | 6,483                                                          |   | 6,265    |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic net income (loss) per common share                         |  |  | $ 0.94                                                         |   | $ (0.59  | ) | 
|                                                                 |  |  |                                                                |   |          |   | 
|Diluted net income (loss) per common share:                      |  |  |                                                                |   |          |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic net income (loss) to
      common stockholders             |  |  | $ 6,091                                                        |   | $ (3,698 | ) | 
|                                                                 |  |  |                                                                |   |          |   | 
|Plus: Accrued dividends on Series B, C and D
      Convertible   |  |  |                                                                |   |          |   | 
|Preferred Stock                                                  |  |  | 3,823                                                          |   | -        |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Interest on 5.5% Convertible Preferred Debentures                |  |  | 1,567                                                          |   | -        |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Diluted net income (loss) to common
    stockholders             |  |  | $ 11,481                                                       |   | $ (3,698 | ) | 
|                                                                 |  |  |                                                                |   |          |   | 
|Basic weighted average number
      of common shares outstanding |  |  | 6,483                                                          |   | 6,265    |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Plus incremental shares from assumed conversions
      of:       |  |  |                                                                |   |          |   | 
|5.5% Convertible Subordinated Debentures                         |  |  | 1,458                                                          |   | -        |   | 
|Series B, C and D Convertible Preferred Stock                    |  |  | 85,547                                                         |   | -        |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|                                                                 |  |  | 93,488                                                         |   | 6,265    |   | 
|                                                                 |  |  |                                                                |   |          |   | 
|Diluted net income (loss) per
      common share                 |  |  | $ 0.12                                                         |   | $ (0.59  | ) |