EXHIBIT 11


Imperial Credit Mortgage Holdings, Inc.
Statement Regarding Computation of Earnings Per Share

 
                                                       For the Period
                                        Quarter Ended           November 20, -
                                        March 31, 1996          December 31, 1995
                                        --------------          -----------------
                                                           
Primary Earnings Per Share:

Net Income                                1,693,639                  315,443

Avg. Number of Shares 
Outstanding                               4,250,000                4,250,000

Net effect of dilutive stock
options- Based on treasury stock 
method using average market price            57,158                   34,010

total average shares                      4,307,158                4,284,015

Primary Earnings Per Share (a)                 0.39                     0.07
 


(a) Fully diluted earnings per share were not materially different