<PAGE>
 
                                                                     EXHIBIT  11

                              PIMCO Advisors L.P.
                 Computations of Primary Net Income Per Unit 
                    (in thousands, except per unit amounts)
                                  (Unaudited)
<TABLE>
<CAPTION>
 
                                       For the nine months ended September 30,
                                       ---------------------------------------
                                          General Partner
                                           and Class A           Class B
                                       ---------------------------------------
                                           1995     1994     1995     1994
                                          ------   ------   ------   ------
<S>                                       <C>      <C>      <C>      <C>
Net income                                $44,390  $12,819  $44,390  $12,819
                                          =======  =======  =======  =======
 
Weighted average number of units          
 outstanding                               40,858      N/A   32,961      N/A 
Weighted average effect of Limited                                           
 Partnership unit options                   1,215      N/A      288      N/A 
                                          -------   ------  -------  ------- 
                                                                             
Weighted average number of units and                                         
 unit equivalents used to calculate net                                      
 income per unit                           42,073      N/A   33,249      N/A 
                                          =======   ======  =======  ======= 
                                                                             
Net income per unit                       $  0.81      N/A  $  0.31      N/A 
                                          =======   ======  =======  =======  
 
 
                                       For the three months ended September 30,
                                       ----------------------------------------
                                          General Partner
                                           and Class A           Class B
                                       ----------------------------------------
                                           1995     1994     1995     1994
                                          ------   ------   ------   ------
 
Net income                                $17,141   $3,979  $17,141   $3,979  
                                          =======   ======  =======   ======  
                                                                              
Weighted average number of units                                              
 outstanding                               40,904      N/A   32,961      N/A  
Weighted average effect of Limited                                            
 Partnership unit options                   1,324      N/A      863      N/A  
                                          -------   ------  -------   ------  
                                                                              
Weighted average number of units and                                          
 unit equivalents used to calculate net                                       
 income per unit                           42,228      N/A   33,824      N/A  
                                          =======   ======  =======   ======  
                                                                              
Net income per unit                       $  0.29      N/A  $  0.14      N/A  
                                          =======   ======  =======   ======   
 
</TABLE>
                                   Continued
                                       1
<PAGE>
 
                                                                     EXHIBIT 11,
                                                                       Continued

                              PIMCO Advisors L.P.
                 Computations of Fully Diluted Net Income Per Unit 
                    (in thousands, except per unit amounts)
                                  (Unaudited)
<TABLE>
<CAPTION>
 
                                       For the nine months ended September 30,
                                       ---------------------------------------
                                          General Partner
                                           and Class A           Class B
                                       ---------------------------------------
                                           1995     1994     1995     1994
                                          ------   ------   ------   ------
<S>                                       <C>      <C>      <C>      <C>
Net income                                $44,390  $12,819  $44,390  $12,819
                                          =======  =======  =======  =======
 
Weighted average number of units          
 outstanding                               40,858      N/A   32,961      N/A 
Weighted average effect of Limited                                           
 Partnership unit options                   1,240      N/A      379      N/A 
                                          -------   ------  -------  ------- 
                                                                             
Weighted average number of units and                                         
 unit equivalents used to calculate net                                      
 income per unit                           42,098      N/A   33,340      N/A 
                                          =======   ======  =======  ======= 
                                                                             
Net income per unit                       $  0.81      N/A  $  0.31      N/A 
                                          =======   ======  =======  =======  
 
 
                                       For the three months ended September 30,
                                       ----------------------------------------
                                          General Partner
                                           and Class A           Class B
                                       ----------------------------------------
                                           1995      1994     1995     1994
                                          ------    ------   ------   ------
 
Net income                                $17,141   $3,979   $17,141  $3,979  
                                          =======   ======   =======  ======  
                                                                              
Weighted average number of units                                              
 outstanding                               40,904      N/A    32,961     N/A  
Weighted average effect of Limited                                            
 Partnership unit options                   1,324      N/A       863     N/A  
                                          -------   ------   -------  ------  
                                                                              
Weighted average number of units and                                          
 unit equivalents used to calculate net                                       
 income per unit                           42,228      N/A    33,824     N/A  
                                          =======   ======   =======  ======  
                                                                              
Net income per unit                       $  0.29      N/A   $  0.14     N/A  
                                          =======   ======   =======  ======   
 
</TABLE>
                                       2