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                                                                     EXHIBIT 11

                     SIENA HOLDINGS, INC. AND SUBSIDIARIES
            (FORMERLY LOMAS FINANCIAL CORPORATION AND SUBSIDIARIES)

                    COMPUTATION OF EARNINGS (LOSS) PER SHARE
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                               Quarter Ended          Nine Months Ended
                                                                  March 31                 March 31
                                                           ----------------------    ----------------------
                                                             1997         1996         1997         1996
                                                           ---------    ---------    ---------    ---------
<S>                                                        <C>          <C>          <C>          <C>       
PRIMARY EARNINGS (LOSS) PER SHARE
     Average common shares outstanding                        20,149       20,149       20,149       20,149
     Average common stock equivalent under non-employee
          Directors Long Term Incentive Plan
                                                                --             15            3           15
                                                           ---------    ---------    ---------    ---------
            TOTAL SHARES                                      20,149       20,164       20,152       20,164
                                                           =========    =========    =========    =========

Loss before loss from discontinued operations              $    (723)   $  (3,828)   $  (8,725)   $(228,371)
Loss from discontinued operations                               --           --           --           --
                                                           ---------    ---------    ---------    ---------
         Net loss                                          $    (723)   $  (3,828)   $  (8,725    $(228,371)
                                                           =========    =========    =========    =========

Primary earnings (loss) per share:
     Loss before loss from discontinued operations         $    (.04)   $    (.19)   $    (.43)   $  (11.33)
     Loss from discontinued operations                          --           --           --           --
                                                           ---------    ---------    ---------    ---------
         Net Loss                                          $    (.04)   $    (.19)   $    (.43)   $  (11.33)
                                                           =========    =========    =========    =========

ADDITIONAL COMPUTATION OF EARNINGS (LOSS) PER 
SHARE:

FULLY DILUTED EARNINGS (LOSS) PER SHARE:
     Average common shares outstanding                        20,149       20,149       20,149       20,149
     Average common stock equivalents under non-employee
          Directors Long Term Incentive Plan                    --             15            3           15
                                                           ---------    ---------    ---------    ---------
         TOTAL SHARES                                         20,149       20,164       20,152       20,164
                                                           =========    =========    =========    =========

Loss before loss from discontinued operations              $    (723)   $  (3,828)   $  (8,725)   $(228,371)
Loss from discontinued operations                               --           --           --           --
                                                           ---------    ---------    ---------    ---------
     Net loss                                              $    (723)   $  (3,828)   $  (8,725)   $(228,371)
                                                           =========    =========    =========    =========

Primary earnings (loss) per share:
     Loss before loss from discontinued operations         $    (.04)   $    (.19)   $    (.43)   $  (11.33)
     Loss from discontinued operations                          --           --           --           --
                                                           ---------    ---------    ---------    ---------
         Net loss                                          $    (.04)   $    (.19)   $    (.43)   $  (11.33)
                                                           =========    =========    =========    =========
</TABLE>