EXHIBIT 11 AMERICAN ASSET ADVISERS TRUST, INC. COMPUTATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND MARCH 31, 1995 1996 1995 PRIMARY EARNINGS PER SHARE: Weighted average number of shares of common stock outstanding 976,309 558,271 Additional shares assuming exercise of stock warrants (1) 0 0 Total weighted average common and common equivalent shares outstanding 976,309 558,271 Net income $ 117,436 $ 60,051 Earnings per common and common equivalent share $ 0.12 $ 0.11 FULLY DILUTED EARNINGS PER SHARE: Weighted average number of shares of common stock outstanding 976,309 558,271 Additional shares assuming exercise of stock warrants 286,504 162,521 Total weighted average common and common equivalent shares outstanding 1,262,813 720,792 Net income (2) $ 209,939 $ 85,633 Earnings per common and common equivalent share $ 0.17 $ 0.12 (1) Not applicable in 1996 or 1995 as computations of primary earnings per share exclude common stock equivalents for any period in which their inclusion would increase the income per share amount otherwise computed. (2) Includes adjustment for additional interest income from assumed net proceeds from exercise of warrants using Modified Treasury Stock Method as follows: 1996 1995 $ 92,633 $ 25,582