<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                      EXHIBIT 11

                          BAY VIEW CAPITAL CORPORATION
                    COMPUTATION OF PER SHARE EARNINGS (LOSS)

<TABLE>
<CAPTION>
                                                For the Year   For the Three   For the Nine          For the Year
                                                    Ended      Months Ended    Months Ended             Ended
                                                December 31,   December 31,    September 30,         December 31,
                                                ------------   -------------   -------------   ------------   ----------
                                                    2004           2003            2002             2001         2000
                                                ------------   -------------   -------------   ------------   ----------
                                                            (Amounts in thousands, except per share amounts)
<S>                                             <C>            <C>             <C>             <C>            <C>
Basic earnings (loss) per share: (1)
  Net earnings (loss) available to
    common shareholders                          $  (3,912)    $       (673)     $   71,661    $  (101,170)   $ (326,197)
  Weighted-average shares outstanding                6,585            6,419           6,272          5,087         3,263
                                                 ---------     ------------      ----------    -----------    ----------
  Basic earnings (loss) per share                $   (0.59)    $      (0.10)     $    11.43    $    (19.89)   $   (99.97)
                                                 =========     ============      ==========    ===========    ==========

Diluted earnings (loss) per share: (1)
  Net earnings (loss) available to
    common shareholders                          $  (3,912)    $       (673)     $   71,661    $  (101,170)   $ (326,197)
  Weighted-average shares outstanding                6,585            6,419           6,272          5,087         3,263
  Dilutive potential common shares                       -                -              41              -             -
                                                 ---------     ------------      ----------    -----------    ----------
  Diluted weighted-average shares outstanding        6,585            6,419           6,313          5,087         3,263
                                                 ---------     ------------      ----------    -----------    ----------
  Diluted earnings (loss) per share              $   (0.59)    $      (0.10)     $    11.35    $    (19.89)   $   (99.97)
                                                 =========     ============      ==========    ===========    ==========
</TABLE>

(1) Computation of per share earnings (loss) only applies to periods reported
    under the going concern basis of accounting.