The Home Depot, Inc. (HD) 10-Q 2003 Q1 Quarterly report

Exhibit 11.1

THE HOME DEPOT, INC. AND SUBSIDIARIES

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

(In Millions, Except Per Share Data)

	Three Months Ended
	May 5, 2002		April 29, 2001
BASIC
Net Earnings Available to Common Shareholders	$	856	$	632
Weighted Average Number of Common Shares Outstanding	2,349		2,326
Basic Earnings Per Share	$	0.36	$	0.27
DILUTED
Net Earnings Available to Common Shareholders	$	856	$	632
Weighted Average Number of Common Shares Outstanding	2,349		2,326
Effect of Potentially Dilutive Securities: Employee Stock Plans	16		21
Weighted Average Number of Common Shares Outstanding Assuming Dilution	2,365		2,347
Diluted Earnings Per Share	$	0.36	$	0.27

Employee stock plans represent options and shares granted under the Company’s employee stock purchase, stock option, and deferred compensation stock plans.  Options to purchase 11.3 million and 10.6 million shares of common stock at May 5, 2002 and April 29, 2001, respectively, were excluded from the computation of diluted earnings per share because their effects would have been anti-dilutive.