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                                                                    Exhibit 11


                   HISPANIC BROADCASTING CORPORATION AND SUBSIDIARIES
                 STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
                         (in thousands except per share data)

<TABLE>
<CAPTION>
                                                                  Three Months
                                       Year Ended December 31,        Ended       Year Ended September 30,
                                    ------------------------------ December 31,   ------------------------
                                     1999        1998       1997       1996          1996           1995
                                    -------     -------    -------    ------       --------        -------
<S>                                 <C>         <C>        <C>        <C>          <C>             <C>
EARNINGS:
Income (loss) from continuing
  operations                        $34,176     $26,884    $18,772    $2,064       $(29,157)        $4,319
Preferred stock dividends                --          --         --        --             23             27
                                    -------     -------    -------    ------       --------         ------
Net income (loss) applicable to
  common stockholders               $34,176     $26,884    $18,772    $2,064       $(29,180)        $4,292
                                    =======     =======    =======    ======       ========         ======
BASIC EARNINGS PER SHARE:
Continuing operations               $  0.67     $  0.55    $  0.45    $ 0.09       $  (1.41)        $ 0.21
Discontinued operations                  --          --         --        --          (0.49)         (0.03)
Extraordinary loss                       --          --         --        --          (0.36)            --
                                    -------     -------    -------    ------       --------         ------
Net income (loss) per share         $  0.67     $  0.55    $  0.45    $ 0.09       $  (2.26)        $ 0.18
                                    =======     =======    =======    ======       ========         ======
DILUTED EARNINGS PER SHARE:
Continuing operations               $  0.66     $  0.54    $  0.45    $ 0.09       $  (1.41)        $ 0.20
Discontinued operations                  --          --         --        --          (0.49)         (0.03)
Extraordinary loss                       --          --         --        --          (0.36)            --
                                    -------     -------    -------    ------       --------         ------
Net income (loss) per share         $  0.66     $  0.54    $  0.45    $ 0.09       $  (2.26)        $ 0.17
                                    =======     =======    =======    ======       ========         ======
NUMBER OF SHARES ON WHICH
  NET INCOME (LOSS) PER SHARE
  IS BASED:
Weighted average common shares
  before dilutive effect of
  common stock equivalents           50,783      49,021     41,671    23,095         20,590         20,021
Common stock equivalents:
  Stock options                         674         318        121        --             --          1,590
  Employee Stock Purchase Plan            7           9         --        --             --             --
                                    -------     -------    -------    ------       --------         ------
Weighted average common shares       51,464      49,348     41,792    23,095         20,590         21,611
                                    =======     =======    =======    ======       ========         ======
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