EXHIBIT 11
STIFEL FINANCIAL CORP. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF CONSOLIDATED EARNINGS PER SHARE
Five Months
Years Ended Ended Year Ended
December 31, Dec. 31, July 30,
1995 1994 1993 1993
---- ---- ---- ----
Primary
- -------
Net income (loss) $ 643,521 $(5,503,335) $ 1,915,317 $ 7,038,094
----------- ----------- ----------- -----------
Average number of common shares outstanding
during the period 4,387,614 4,354,969 4,383,463 4,289,458
Additional Shares assuming exercise of
stock options<F1> 63,913 111,139 140,724 118,990
----------- ----------- ----------- -----------
Common shares and equivalents used to
calculate earnings (loss) per share 4,451,527 4,466,108 4,524,187 4,408,448
----------- ----------- ----------- -----------
Primary earnings (loss) per share $ 0.14 $ (1.23) $ 0.42 $ 1.60
=========== =========== =========== ===========
Fully Diluted
- -------------
Income (loss) before $ 643,521 $(5,503,335) $ 1,915,317 $ 7,038,094
After-tax interest savings assuming con-
version of Senior Convertible Notes <F2> 553,902 684,075 293,391 702,553
----------- ----------- ----------- -----------
Net income (loss) $ 1,197,423 $(4,819,260) $ 2,208,708 $ 7,740,647
----------- ----------- ----------- -----------
Average number of common shares outstanding
during the period 4,387,614 4,354,969 4,383,463 4,289,458
Additional Shares assuming exercise of
stock options <F1> 76,898 111,139 140,724 178,217
Additional Shares assuming conversion of
Senior Convertible Notes <F3> 1,350,275 1,350,275 1,350,275 1,350,275
----------- ----------- ----------- -----------
Common shares and equivalents used to
calculate earnings (loss) per share 5,814,787 5,816,383 5,874,462 5,817,950
----------- ----------- ----------- -----------
Fully diluted earnings (loss) per share $ 0.14 <F4> $ (1.23) <F4> $ 0.38 $ 1.33
=========== =========== =========== ===========
<FN>
<F1> 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.
<F2> Represents the after-tax interest savings resulting from
assumed conversion of $10,000,000 aggregate principal 11.25%
Senior Convertible Notes.
<F3> 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 $7.41 share.
<F4> Net fully diluted earnings (loss) per share computes to
$0.21 and ($0.83) for the years ended December 31, 1995 and
December 31, 1994, respectively. Since this is anti-dilutive,
fully diluted earnings (loss) per share is equivalent to
primary earnings (loss) per share.
</FN>