EXHIBIT 11
             STIFEL FINANCIAL CORP. AND SUBSIDIARIES
                COMPUTATION OF EARNINGS PER SHARE
            (In Thousands, Except Per Share Amounts)
                           (UNAUDITED)

                                                     Three Months Ended
                                              March 31, 1995       March 25, 1994
                                                       Fully                Fully
                                             Primary  Diluted     Primary  Diluted
                                             -------  -------     -------  -------
                                                                
Net (loss) income                            $(184)   $(184)      $ 179    $ 179
After-tax   interest   savings   assuming
  conversion of Senior Convertible  Notes(1)    - -      163         - -      175
                                              -----    -----       -----    -----
Net (loss) income adjusted for after-tax
  interest savings                            $(184)   $ (21)      $ 179    $ 354
                                              =====    =====       =====    =====
Average    number   of   common    shares
  outstanding during the period               4,179    4,179       4,198    4,198
Additional  shares assuming  exercise  of
  stock options (2)                              49       49         129      129
Additional Shares assuming conversion  of
  Senior Convertible Notes (3)                  - -    1,286         - -    1,286
                                              -----    -----       -----    -----
Average  number of common shares used  to
  calculate earnings per share                4,228    5,514       4,327    5,613
                                              =====    =====       =====    =====
Net (loss) earnings per share                 $(0.04)  $(0.04)(4)  $0.04    $0.04(4)
                                              ======   ======      =====    =====


(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
   and  assumed  purchases  of  stock  from  the  Employee  Stock
   Purchase   Plan  (ESPP).   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 or shares assumed purchased through the ESPP.  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  or
   shares assumed purchased through the ESPP.
(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 $7.7757 per share.
(4)Net fully  diluted (loss) earnings per share computes to $0.00
   and $0.06 for three months ended March 31, 1995 and March  25,
   1994,   respectively.   Since  this  is  anti-dilutive,  fully
   diluted  earnings per share is equivalent to primary  earnings
   per share.