The Home Depot, Inc. (HD) 10-Q 2003 Q3 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				Nine Months Ended
	November 3, 2002		October 28, 2001		November 3, 2002		October 28, 2001
BASIC
Net Earnings Available to Common Shareholders	$	940	$	778	$	2,978	$	2,334
Weighted Average Number of Common Shares Outstanding	2,337		2,337		2,347		2,332
Basic Earnings Per Share	$	0.40	$	0.33	$	1.27	$	1.00
DILUTED
Net Earnings Available to Common Shareholders	$	940	$	778	$	2,978	$	2,334
Weighted Average Number of Common Shares Outstanding	2,337		2,337		2,347		2,332
Effect of Potentially Dilutive Securities: Employee Stock Plans	6		15		9		18
Weighted Average Number of Common Shares Outstanding Assuming Dilution	2,343		2,352		2,356		2,350
Diluted Earnings Per Share	$	0.40	$	0.33	$	1.26	$	0.99

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 72.1 million and 11.4 million shares of common stock at November 3, 2002 and October 28, 2001, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.