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                                   EXHIBIT 11
 
        KAUFMAN AND BROAD HOME CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
                 STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
 


                                                                 YEARS ENDED NOVEMBER 30,
                                                          ---------------------------------------
                                                             1995          1994          1993
                                                          -----------   -----------   -----------
                                                                             
PRIMARY:
Net income..............................................  $29,059,000   $46,550,000   $39,921,000
                                                           ==========    ==========    ==========
Weighted average common shares outstanding..............   32,386,000    32,449,000    34,606,000
Weighted average Series B convertible preferred
  shares(1).............................................    6,500,000     6,500,000     4,345,000
Common share equivalents:
  Stock options.........................................      871,000     1,077,000     1,234,000
  Warrants..............................................                                1,362,000
                                                          -----------   -----------   -----------
                                                           39,757,000    40,026,000    41,547,000
                                                           ==========    ==========    ==========
PRIMARY EARNINGS PER SHARE(3)...........................  $       .73   $      1.16   $       .96
                                                           ==========    ==========    ==========
FULLY DILUTED:
Net income..............................................  $29,059,000   $46,550,000   $39,921,000
                                                           ==========    ==========    ==========
Weighted average common shares outstanding..............   32,386,000    32,449,000    34,606,000
Weighted average Series B convertible preferred
  shares(1).............................................    6,500,000     6,500,000     4,345,000
Common share equivalents:
  Stock options.........................................      871,000     1,077,000     1,310,000
  Warrants..............................................                                1,501,000
                                                          -----------   -----------   -----------
                                                           39,757,000    40,026,000    41,762,000
                                                           ==========    ==========    ==========
FULLY DILUTED EARNINGS PER SHARE(2)(3)..................  $       .73   $      1.16   $       .96
                                                           ==========    ==========    ==========

 
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(1) Each of the 1,300,000 Series B convertible preferred shares is convertible
    into five shares of common stock. The 6,500,000 equivalent shares of common
    stock are weighted for the period outstanding.
 
(2) Fully diluted earnings per share is not disclosed in the Company's
    consolidated financial statements since the maximum dilutive effect is not
    material.
 
(3) If, for purposes of calculating primary and fully diluted earnings per
    share, the Series B convertible preferred shares were excluded from the
    weighted average shares outstanding and the related dividends deducted from
    net income, the computations would have resulted in both primary and fully
    diluted earnings per share of $.58 in 1995, $1.09 in 1994 and $.93 in 1993.