<PAGE>

                        COMMERCIAL FEDERAL CORPORATION               Exhibit 11 

                       COMPUTATION OF EARNINGS PER SHARE
                                  (Unaudited)
<TABLE> 
<CAPTION> 
COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARES:
-----------------------------------------------------------------------------------------------
                                                                    Three Months Ended
                                                                       September 30,
                                                             ----------------------------------
                                                                  1997               1996
-----------------------------------------------------------------------------------------------
<S>                                                            <C>                <C> 
Net income (loss)                                              $  17,108,299      $  (4,049,927)
                                                               =============      =============
-----------------------------------------------------------------------------------------------

PRIMARY:                                                     
--------                                                             

Weighted average common shares outstanding                        21,571,349         21,821,275
Add shares applicable to stock options using average         
   market price                                                      389,605            292,554
                                                               -------------      -------------
Total average common and common equivalent                   
    shares outstanding                                            21,960,954         22,113,829
                                                               =============      =============
                                                             
Net income (loss) per common and common equivalent share       $         .78      $        (.18)
                                                               =============      =============
-----------------------------------------------------------------------------------------------

FULLY DILUTED (1):                                           
------------------

Weighted average common shares outstanding                        21,571,349         21,821,275
Add shares applicable to stock options using the             
   period-end market price if higher than average            
   market price and other dilutive factors                           427,276            321,942
                                                               -------------      -------------
Total average common and common equivalent                   
   shares outstanding assuming full dilution                      21,998,625         22,143,217
                                                               =============      =============
                                                             
Net income (loss) per common share assuming full dilution      $         .78      $        (.18)
                                                               =============      =============
                                                             
-----------------------------------------------------------------------------------------------
</TABLE> 
(1)  This calculation is submitted in accordance with Regulation S-K Item
     601(b)(11) although not required by footnote 2 paragraph 14 of APB Opinion
     No. 15 because it results in dilution of less than 3.0%.