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EXHIBIT 11
Allied Capital Corporation II and Subsidiaries
Statement of Computation of Earnings Per Share
For the Years Ended December 31, 1996, 1995 and 1994
For the Year Ended December 31,
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1996 1995 1994
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Primary Earnings Per Share:
Net Increase in Net Assets Resulting
from Operations $10,149,000 $14,733,000 $10,515,000
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Weighted average number of
shares outstanding 7,266,669 6,946,815 6,938,191
Weighted average number of
shares issuable on exercise
of outstanding stock options 75,934 32,555 1,756
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Weighted average number of shares and
share equivalents outstanding 7,342,603 6,979,370 6,939,947
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Earnings per Share $1.38 $2.11 $1.52
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Fully Diluted Earnings Per Share:
Net Increase in Net Assets Resulting
from Operations $10,149,000 $14,733,000 $10,515,000
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Weighted average number of
shares and share equivalents
outstanding as computed for
primary earnings per share 7,342,603 6,979,370 6,939,947
Weighted average of additional
shares issuable on exercise
of outstanding stock options 59,306 41,184 -
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Weighted average of shares and
share equivalents outstanding, as adjusted 7,401,909 7,020,554 6,939,947
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Earnings per Share $1.37 $2.10 $1.52
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