EXHIBIT 11

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

|                                                                       |  | Fifty-two
Weeks Ended
January 29,
2001 |           | Fifty-three
Weeks Ended
January 31,
2000 |   | Fifty-two
Weeks Ended
January 25,
1999
|---------------------------------------------------------------------- |  | -------------------------------------- | --------- | ---------------------------------------- | - | --------------------------------------
|BASIC EARNINGS PER SHARE:                                              |  |                                        |           |                                          |   |                                       
|Net income                                                             |  | $                                      | 1,402,000 |                                          | $ | 1,425,000                             
|                                                                       |  |                                        |           |                                          |   |                                       
|Weighted average number of common shares outstanding during the period |  |                                        | 2,950,000 |                                          |   | 2,950,000                             
|                                                                       |  |                                        |           |                                          |   |                                       
|Basic earnings per share                                               |  | $                                      | 0.48      |                                          | $ | 0.48                                  
|                                                                       |  |                                        |           |                                          |   |                                       
|DILUTED EARNINGS PER SHARE                                             |  |                                        |           |                                          |   |                                       
|Net income                                                             |  | $                                      | 1,402,000 |                                          | $ | 1,425,000                             
|                                                                       |  |                                        |           |                                          |   |                                       
|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                                             |  | $                                      | 0.48      |                                          | $ | 0.48                                  
|                                                                       |  |                                        |           |                                          |   |                                       

E-2

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