COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
         EXHIBIT 11.1 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
                             Year ended February 28,
              (Dollar amounts in thousands, except per share data)


                                     1995       1994        1993
PRIMARY                                                      
 Net earnings                       $88,407   $179,460    $140,073
 Preferred stock dividend                                  
 requirement                        -             (732)     (3,482)
                                                             
 Net earnings applicable to common                           
 stock                              $88,407   $178,728    $136,591
                                                            
                                                             
 Average shares outstanding          91,240     88,792      80,678
 Net effect of dilutive stock                                
 options - based on the treasury
  stock method using average                                 
  market price                          847      1,709        1,836
                                                             
     Total average shares            92,087     90,501       82,514
                                                             
 Per share amount                     $0.96      $1.97        $1.65
                                                             
                                                             
FULLY DILUTED                                                
 Net earnings                       $88,407   $179,460     $140,073
                                                             
                                                             
 Average shares outstanding          91,240     88,792       80,677
 Net effect of dilutive stock                                
 options -- based on the treasury
  stock method using the year-end                            
  market price, if higher
  than average market price             976      1,709        2,387
 Assumed conversion of convertible                           
preferred shares                    -            1,944        9,150
                                                             
     Total average shares            92,216     92,445       92,214
                                                             
 Per share amount                     $0.96      $1.94        $1.52