|AAMES FINANCIAL CORPORATION                                 |                               |                    |             |                    |             |                 |             |                   
|----------------------------------------------------------- | ----------------------------- | ------------------ | ----------- | ------------------ | ----------- | --------------- | ----------- | ------------------
|Basic and Diluted Net Loss Per Common Share                 |                               |                    |             |                    |             |                 |             | Exhibit 11        
|For the three and nine months ended March 31, 2002 and 2001 |                               |                    |             |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|                                                            |                               | Three Months Ended |             | Nine Months Ended 
|                                                            |                               | March 31,          |             | March,            
|                                                            |                               | 2002               |             | 2001               |             | 2002            |             | 2001              
|Basic net loss per common share:                            |                               |                    |             |                    |             |                 |             |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|Net income                                                  |                               | $ 2,197            |             | $ (33,216)         |             | $ 4,360         |             | $ (31,512)        
|Less: Accrued dividends on Series B, C and                  |                               |                    |             |                    |             |                 |             |                   
|                                                            | D Convertible Preferred Stock |                    | (4,476)     |                    | (3,306)     |                 | (13,181)    |                   
|Basic net loss to common stockholders                       |                               | (2,279)            |             | (36,522)           |             | (8,821)         |             | (41,233)          
|Basic weighted average number of common                     |                               |                    |             |                    |             |                 |             |                   
|                                                            | shares outstanding            |                    | 6,451       |                    | 6,211       |                 | 6,372       |                   
|Basic net loss per common share                             |                               | $ (0.35)
=====     |             | $ (5.88)
======    |             | $ (1.38)
=====  |             | $ (6.64)
======   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|Diluted net loss per common share:                          |                               |                    |             |                    |             |                 |             |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|Diluted net loss to common stockholders                     |                               | $(2,279)
======    |             | $ (36,522)
======= |             | $(8,821)
====== |             | $ (41,233)
=======
|Diluted weighted average number of                          |                               |                    |             |                    |             |                 |             |                   
|                                                            | common shares outstanding     |                    | 6,451
===== |                    | 6,211
===== |                 | 6,372
===== |                   
|                                                            |                               |                    |             |                    |             |                 |             |                   
|Diluted net loss per common share                           |                               | $ (0.35)
======    |             | $ (5.88)
======    |             | $ (1.38)
====== |             | $ (6.64)
======   
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