Exhibit 11

AAMES FINANCIAL CORPORATION
  Basic and diluted net income (loss) per common share
  For the three and nine months ended March 31, 2003 and 2002
  (amounts in thousands, except per share data)





|                                                                     | Three
      Months Ended
      March 31, | Nine Months
      Ended
      March 31,
|-------------------------------------------------------------------- | ---------------------------------------- | ---------------------------------------
|                                                                     |                                          | **2003**                               
|Basic
      net income (loss) per common share:                      |                                         
|Net
      income                                                     |                                          | $   6,691                              
|Less:
      Accrued dividends on Series B, C and                     |                                          |                                        
|D
      Convertible Preferred Stock                                  |                                          | (3,772                                 
|                                                                     |                                          |                                        
|Basic
      net income (loss) to common stockholders                 |                                          | $   2,919                              
|                                                                     |                                          |                                        
|Basic
      weighted average number of common shares outstanding     |                                          | 6,595                                  
|                                                                     |                                          |                                        
|                                                                     |                                          |                                        
|Basic
      net income (loss) per common share                       |                                          | $     0.44                             
|                                                                     |                                          |                                        
|Diluted
      net income (loss) per common share:                    |                                         
|Basic
      net income (loss) to common stockholders                 |                                          | $   2,919                              
|Plus:
      Accrued dividends on Series B, C and D Convertible       |                                         
|Preferred
      Stock                                                |                                          | 3,772                                  
|                                                                     |                                          |                                        
|Diluted
      net income (loss) to common stockholders               |                                          | $   6,691                              
|                                                                     |                                          |                                        
|Basic
      weighted average number of common shares outstanding     |                                          | 6,595                                  
|                                                                     |                                          |                                        
|Plus:
      Incremental shares from assumed conversion of the Series |                                          |                                        
|B,
      C and D Convertible Preferred Stock                         |                                          | 85,538                                 
|                                                                     |                                          |                                        
|Exercise
      of warrants                                           |                                          | 1,911                                  
|                                                                     |                                          |                                        
|Exercise
      of common stock options                               |                                          | 4,295                                  
|                                                                     |                                          |                                        
|Diluted
      weighted average number of common shares outstanding   |                                          | 98,339                                 
|                                                                     |                                          |                                        
|                                                                     |                                          |                                        
|Diluted
      net income (loss) per common share                     |                                          | $     0.07