|AAMES FINANCIAL CORPORATION                                   |  |                    |  |                  |  |               |  |              
|------------------------------------------------------------- |  | ------------------ |  | ---------------- |  | ------------- |  | -------------
|Basic and Diluted Net Loss Per Common Share                   |  |                    |  |                  |  |               |  | Exhibit 11   
|For the three and six months ended December 31, 2001 and 2000 |  |                    |  |                  |  |               |  |              
|                                                              |  |                    |  |                  |  |               |  |              
|                                                              |  |                    |  |                  |  |               |  |              
|                                                              |  | Three Months Ended |  | Six Months Ended
|                                                              |  | December 31,       |  | December 31,    
|                                                              |  | 2001               |  | 2000             |  | 2001          |  | 2000         
|Basic net loss per common share:                              |  |                    |  |                  |  |               |  |              
|                                                              |  |                    |  |                  |  |               |  |              
|Net income                                                    |  | $ 1,537,000        |  | $ 1,011,000      |  | $ 2,163,000   |  | $ 1,704,000  
|Less: Accrued dividends on Series B, C and                    |  |                    |  |                  |  |               |  |              
|D Convertible Preferred Stock                                 |  | (4,382,000)        |  | (3,254,000)      |  | (8,705,000)   |  | (6,416,000)  
|Basic net loss to common stockholders                         |  | $ (2,845,000)      |  | $ (2,243,000)    |  | $ (6,542,000) |  | $ (4,712,000)
|Basic weighted average number of common                       |  |                    |  |                  |  |               |  |              
|shares outstanding                                            |  | 6,402,000          |  | 6,211,000        |  | 6,334,000     |  | 6,211,000    
|Basic net loss per common share                               |  | $ (0.44)           |  | $ (0.36)         |  | $ (1.03)      |  | $ (0.76)     
|                                                              |  |                    |  |                  |  |               |  |              
|                                                              |  |                    |  |                  |  |               |  |              
|Diluted net loss per common share:                            |  |                    |  |                  |  |               |  |              
|                                                              |  |                    |  |                  |  |               |  |              
|Diluted net loss to common stockholders                       |  | $ (2,845,000)      |  | $ (2,243,000)    |  | $ (6,542,000) |  | $ (4,712,000)
|Diluted weighted average number of                            |  |                    |  |                  |  |               |  |              
|common shares outstanding                                     |  | 6,402,000          |  | 6,211,000        |  | 6,334,000     |  | 6,211,000    
|                                                              |  |                    |  |                  |  |               |  |              
|Diluted net loss per common share                             |  | $ (0.44)           |  | $ (0.36)         |  | $ (1.03)      |  | $ (0.76)     
|                                                              |  |                    |  |                  |  |               |  |