<PAGE>

                                   Exhibit 11

                     METRIS COMPANIES INC. AND SUBSIDIARIES
                        Computation of Earnings Per Share

<TABLE>
<CAPTION>
In thousands, except per-share amounts                 Year Ended December 31,
                                                   2001        2000          1999
<S>                                              <C>         <C>           <C>
BASIC:
------
Net income (loss) applicable to common
    stockholders (1)                             $245,792    $195,153      ($61,646)
                                                 ========    ========      ========
Weighted-average number of common shares
    outstanding                                    62,962      60,070        57,855
Assumed conversion of convertible preferred
    stock                                          34,679      29,164            --
                                                 --------    --------      --------
Basic common shares (2)                            97,641      89,234        57,855
                                                 ========    ========      ========

Net income (loss) per share                      $   2.52    $   2.19        ($1.07)

DILUTED:
-------
Net income (loss) applicable to common
    stockholders (1)                             $245,792     195,153      ($61,646)
                                                 ========    ========      ========
Weighted-average number of common shares
    outstanding                                    62,962      60,070        57,855
Net effect of assumed exercise of stock
    options based on treasury stock method
    using average market price                      1,725       3,348            --
Assumed conversion of convertible preferred
    stock                                          34,679      29,164            --
                                                 --------    --------      --------
Diluted common shares                              99,366      92,582        57,855
                                                 ========    ========      ========

Net income (loss) per share                      $   2.47    $   2.11      ($  1.07)
</TABLE>


(1)  For the years ended December 31, 2001 and 2000, diluted earnings per share
     is calculated by adding back the Series C convertible preferred dividends
     of $34.8 million and $31.6 million, respectively. In determining the number
     of dilutive shares outstanding, the Series C convertible preferred stock is
     assumed to have been converted into 34.7 million and 29.2 million common
     shares at the beginning of the years ended December 31, 2001 and 2000,
     respectively.

(2)  In accordance with EITF Topic No. D-95, we revised our computation of basic
     earnings per common share. As required by Topic D-95, the dilutive effect
     of our Series C Convertible Preferred Stock is included in the computation
     of basic EPS, using the if-converted method. The Series C Convertible
     Preferred Stock participates in dividends on an if-converted basis with our
     common stock. For all periods presented, there is no impact to diluted
     earnings per share. We restated the basic EPS amounts for the years ended
     December 31, 2000 and 1999 to be consistent with the revised methodology.
     Before the impact of Topic D-95, basic EPS would have been $3.35, $2.72 and
     $(1.07) for the years ended December 31, 2001, 2000 and 1999, respectively.