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                             AMRESCO CAPITAL TRUST

                 EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)



                                                               Period from   
                                                             February 2, 1998
                                                                 through     
                                                               December 31,  
                                                                   1998      
                                                             ---------------
                                                                       
Basic:                                                                       
    Net income available to common shareholders                $      3,952  
                                                               ============  
                                                                             
    Weighted average common shares outstanding                        7,027  
                                                               ============  
                                                                             
    Basic earnings per common share                            $       0.56  
                                                               ============  
                                                                             
Diluted:                                                                     
    Net income available to common shareholders                $      3,952  
                                                               ============  
                                                                             
    Weighted average common shares outstanding                        7,027  
    Effect of dilutive securities:                                           
      Restricted shares                                                   4  
      Net effect of assumed exercise of stock options                    --  
                                                               ------------  
    Adjusted weighted average common shares outstanding               7,031  
                                                               ============  
                                                                             
    Diluted earnings per common share                          $       0.56  
                                                               ============