EXHIBIT 11
             STIFEL FINANCIAL CORP. AND SUBSIDIARIES
            COMPUTATION OF EARNINGS (LOSS) PER SHARE
            (In Thousands, Except Per Share Amounts)
                           (UNAUDITED)
                                
                                               Three Months Ended
                                        March 29, 1996    March 31, 1995
                                                 Fully               Fully
                                       Primary  Diluted  Primary    Diluted
                                       -------  -------  -------    -------
Net income (loss)                       $ 150    $ 150    $(184)     $(184)
After-tax interest savings assuming 
  conversion of Senior Convertible        
  Notes (1)                               _ _      172      _ _        162
                                        -----    -----    -----      -----
Net income (loss) adjusted for    
  after-tax interest savings            $ 150    $ 322    $(184)     $ (22)
                                        =====    =====    =====      =====
Average number of common shares                          
  outstanding during the period         4,447    4,447    4,388      4,388
Additional shares assuming  exercise                   
  of stock options (2)                     51       54    N/A(3)     N/A(3)
Additional Shares assuming conversion                               
  of Senior Convertible Notes (4)         _ _    1,350      _ _      1,350
                                        -----    -----    -----      -----
Average number of common shares used to                        
  calculate earnings (loss) per share   4,498    5,851    4,388      5,738
                                        =====    =====    =====      =====

Net earnings (loss) per share           $0.03    $0.03  $(0.04)(5)  $(0.04)(5)
                                         
(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)      Additional shares assuming exercise of stock options are
   not  applicable in the computation of the three  months  ended
   March  31,  1995  primary  and fully diluted  loss  per  share
   because the addition of these shares would be anti-dilutive.
(4)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 $7.4059 per share.
(5)Net  fully  diluted earnings per share computes to  $0.05  and
   $0.00  for  three months ended March 29, 1996  and  March  31,
   1995,   respectively.   Since  this  is  anti-dilutive,  fully
   diluted  earnings  (loss) per share is equivalent  to  primary
   earnings  (loss) per share.