EXHIBIT 11

                   OAKWOOD HOMES CORPORATION AND SUBSIDIARIES

                    CALCULATION OF PRIMARY AND FULLY DILUTED
                            EARNINGS PER COMMON SHARE
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)




                                                         September 30,             September 30,       September 30,
                                                             1996                      1995                1994
                                                                                                  


Weighted average number of common shares
outstanding                                                     44,880                    44,182              43,982
Add:     Dilutive effect of stock
         options and restricted shares,
         computed using the treasury                             1,741                     1,912               2,002
stock method.
Less:       Unearned ESOP shares                                  (161)                      (96)                ---
Weighted average number of common and common
equivalent shares          outstanding
                                                                46,460                     45,998              45,984
Net income                                                  $   68,255               $     45,318        $     35,655
Earnings per common share--primary                          $     1.47               $        .99        $        .78

Weighted average number of common shares                        44,880                     44,182              43,982
outstanding
Add:     Dilutive effect of stock
         options, computed using
         the treasury stock method                               1,802                     2,027               2,028
Less:       Unearned ESOP shares                                  (161)                      (96)               ---
Weighted average number of common shares
outstanding assuming full dilution
                                                                46,521                    46,113              46,010
Net income                                                 $    68,255               $    45,318         $    35,655
Earnings per common share--fully diluted                   $      1.47               $       .98         $       .78