<PAGE>
 
                       PFF BANCORP, INC. AND SUBSIDIARY


          EXHIBIT 11. STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

<TABLE> 
<CAPTION>
                                                    Primary                  Fully Diluted
                                              Three Months Ended           Three Months Ended
                                          June 30, 1997  June 30, 1996  June 30, 1997  June 30, 1996
                                          -------------  -------------  -------------  -------------
                                                    (Dollars in thousands except share data)
<S>                                        <C>            <C>            <C>            <C>
Net Earnings.............................  $     3,683    $     2,425    $     3,683    $     2,425 
                                           ===========    ===========    ===========    ===========    
                                                                                                   
Weighted average number of common shares                                                           
  and equivalents outstanding:                                                                     
                                                                                                   
Issued and outstanding...................   19,837,500     19,837,500     19,837,500     19,837,500 
                                                                                                    
Less:                                                                                               
Unearned ESOP shares and shares held                                                                
  by benefit plans.......................   (2,705,059)    (1,550,631)    (2,705,059)    (1,550,631)
                                                                                                   
Add:                                                                                               
Common stock equivalents due to dilutive                                                           
   effect of stock options(1)............      287,699              -        598,355              -
                                           -----------    -----------    -----------    -----------
                                                                                                   
Weighted average number of common shares                                                           
   and equivalents outstanding...........   17,420,141     18,286,869     17,730,796     18,286,869
                                           ===========    ===========    ===========    ===========
                                                                                                   
Earnings per share.......................  $      0.21    $      0.13    $      0.21    $      0.13
                                           ===========    ===========    ===========    =========== 
</TABLE> 

(1)  The PFF Bancorp, Inc. 1996 Incentive Plan was adopted and approved by the 
     stockholders on October 23, 1996.

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