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                                                                      EXHIBIT 11




                         AMERICAN HOMESTAR CORPORATION
                 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS




                                                                                        THREE MONTHS ENDED            
                                                                              --------------------------------------  
                                                                              FEBRUARY 29, 1996    FEBRUARY 28, 1997  
                                                                              -----------------    -----------------  
                                                                                                             
Weighted average number of common shares outstanding  . . . . . .                     9,432,265           10,789,020  
Dilutive effect of stock options  . . . . . . . . . . . . . . . .                       321,986              437,383  
                                                                              -----------------    -----------------  
Weighted average number of common and common equivalent shares                                                        
    outstanding   . . . . . . . . . . . . . . . . . . . . . . . .                     9,754,251           11,226,403  
                                                                              =================    =================  
                                                                                 $    2,028,000         $  3,110,000  
                                                                              =================    =================  
Earnings per common share-primary . . . . . . . . . . . . . . . .                $         0.21         $       0.28  
                                                                              =================    =================  
                                                                    


                                                                     
                                                                                                             
                                                                                        THREE MONTHS ENDED            
                                                                              --------------------------------------  
                                                                              FEBRUARY 29, 1996    FEBRUARY 28, 1997  
                                                                              -----------------    -----------------  
                                                                                                             
Weighted average number of common shares outstanding  . . . . . .                     9,432,265           10,789,020  
Dilutive effect of stock options  . . . . . . . . . . . . . . . .                       306,904              453,122  
                                                                              -----------------    -----------------  
Weighted average number of common and common equivalent shares                                                        
    outstanding   . . . . . . . . . . . . . . . . . . . . . . . .                     9,739,169           11,242,142  
                                                                              =================    =================  
Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . .                $    2,028,000         $  3,110,000  
                                                                              =================    =================  
Earnings per common share-fully diluted . . . . . . . . . . . . .                $         0.21         $       0.28  
                                                                              =================    =================  
                                                                    
                                                                       
                                                                       
                                                                
                                                                                                             
                                                                                        NINE MONTHS ENDED             
                                                                              --------------------------------------  
                                                                              FEBRUARY 29, 1996    FEBRUARY 28, 1997  
                                                                              -----------------    -----------------  
                                                                                                             
Weighted average number of common shares outstanding  . . . . . .                     9,429,943           10,781,778  
Dilutive effect of stock options  . . . . . . . . . . . . . . . .                       228,130              416,038  
                                                                              -----------------    -----------------  
Weighted average number of common and common equivalent shares                                                        
    outstanding   . . . . . . . . . . . . . . . . . . . . . . . .                     9,658,073           11,197,816  
                                                                              =================    =================  
Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . .                $    6,423,000         $  9,713,000  
                                                                              =================    =================  
Earnings per common share-primary . . . . . . . . . . . . . . . .                $         0.67         $       0.87  
                                                                              =================    =================  
                                                                    
                                                                            
                                                                            
                                                                     
                                                                                                             
                                                                                        NINE MONTHS ENDED             
                                                                              --------------------------------------  
                                                                              FEBRUARY 29, 1996    FEBRUARY 28, 1997  
                                                                              -----------------    -----------------  
                                                                                                             
Weighted average number of common shares outstanding  . . . . . .                     9,429,943           10,781,778  
Dilutive effect of stock options  . . . . . . . . . . . . . . . .                       306,904              416,038  
                                                                              -----------------    -----------------  
Weighted average number of common and common equivalent shares                                                        
    outstanding   . . . . . . . . . . . . . . . . . . . . . . . .                     9,736,847           11,197,816  
                                                                              =================    =================  
Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . .                $    6,423,000         $  9,713,000  
                                                                              =================    =================  
Earnings per common share-fully diluted . . . . . . . . . . . . .                $         0.66         $       0.87  
                                                                              =================    =================