EXHIBIT 11

STAR BUFFET, INC. AND SUBSIDIARIES  COMPUTATION OF EARNINGS  PER SHARE

|                                                                       |  | Fifty-two
Weeks Ended
January 28,
2002 |           | (Restated)
Fifty-two
Weeks Ended
January 29,
2001 |   | (Restated)
Fifty-three
Weeks Ended
January 31,
2000
|---------------------------------------------------------------------- |  | -------------------------------------- | --------- | ------------------------------------------------- | - | ---------------------------------------------------
|BASIC EARNINGS PER SHARE:                                              |  |                                        |           |                                                   |   |                                                    
|Net income                                                             |  | $                                      | 1,510,000 |                                                   | $ | 1,170,000                                          
|                                                                       |  |                                        |           |                                                   |   |                                                    
|Weighted average number of common shares outstanding during the period |  |                                        | 2,950,000 |                                                   |   | 2,950,000                                          
|                                                                       |  |                                        |           |                                                   |   |                                                    
|Basic earnings per share                                               |  | $                                      | 0.51      |                                                   | $ | 0.40                                               
|                                                                       |  |                                        |           |                                                   |   |                                                    
|DILUTED EARNINGS PER SHARE                                             |  |                                        |           |                                                   |   |                                                    
|Net income                                                             |  | $                                      | 1,510,000 |                                                   | $ | 1,170,000                                          
|                                                                       |  |                                        |           |                                                   |   |                                                    
|Weighted average number of common shares outstanding during the period |  |                                        | 2,950,000 |                                                   |   | 2,950,000                                          
|Incremental common shares attributable to outstanding stock options    |  |                                        |          |                                                   |   |                                                   
|                                                                       |  |                                        |           |                                                   |   |                                                    
|                                                                       |  |                                        | 2,950,000 |                                                   |   | 2,950,000                                          
|Diluted earnings per share                                             |  | $                                      | 0.51      |                                                   | $ | 0.40                                               
|                                                                       |  |                                        |           |                                                   |   |                                                    



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