EXHIBIT 11
		    STIFEL FINANCIAL CORP. AND SUBSIDIARIES
		      COMPUTATION OF EARNINGS PER SHARE
		   (In Thousands, Except Per Share Amounts)
				  (UNAUDITED)
                        
						      Three Months Ended
					       March 25, 1994    March 26, 1993
					       --------------    --------------
							 Fully           Fully                            
					       Primary  Diluted Primary Diluted
                                                            
Net Income                                      $  179   $  179  $1,397 $1,397
					      
After-tax interest savings assuming conversion 
    of Senior Convertible Notes (1)              - -        174    - -     174
						------   ------  ------  -----
Net income adjusted for after tax interest     
    savings                                     $  179   $  353  $1,397 $1,571
						======   ======  ====== ======
Average number of common shares outstanding 
    during the period                            3,999    3,999   3,906  3,906
Additional shares assuming exercise of stock 
    options (2)                                    122      122     114    143
Additional Shares assuming conversion of 
    Senior Convertible Notes (3)                  - -     1,225     - -  1,225
						 -----    -----   -----  -----
Average number of common shares used to                  
    calculate earnings per share                 4,121    5,346   4,020  5,274
						 =====    =====   =====  =====
Net earnings per share                           $0.04 (4)$0.04   $0.35  $0.30
						 =====    =====   =====  =====

                                                

(1)  Represents the after-tax interest savings resulting from assumed 
     conversion of $10,000,000 aggregate principal 11.25% Senior 
     Convertible Notes.

(2)  Represents the number of shares of common stock issuable on the exercise 
     of dilutive employee stock options less the number of shares of common 
     stock which could have been purchased with the proceeds from the exercise
     of such options.  For primary earnings per share computations, these 
     purchases were assumed to have been made at the average market price of 
     the common stock during the period or that part of the period for which 
     the option was outstanding.  For fully diluted earnings per share 
     computations, these purchases were assumed to have been made at the 
     greater of the market price of the common stock at the end of the period 
     or average market price of  the common stock during the period or that 
     part of the period for which the option was outstanding.  

(3)  Represents the number of shares of common stock issuable upon conversion 
     of $10,000,000 aggregate principal 11.25% Senior Convertible Notes at a 
     conversion price of $8.1640 per share.

(4)  Computes to $0.07 net fully diluted earnings per share.  Since this is 
     anti-dilutive,  fully diluted earnings per share is equivalent to primary 
     earnings per share.