Exhibit 1
                                                         McDONALD'S CORPORATION
                                             STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                     (Dollars and shares in millions, except per common share data)



     
                                                                                                         Year ended December 31,
                                                                                                   1993           1992           199
                                                                                                   ----           ----           ---
                                                                                                                      
     Net Income                                                                                $1,082.5         $958.6         $859.


     Preferred stock dividends (net of tax benefits of $4.1 for 1993 and $6.4 for 1992)          (46.9)         (14.7)         (19.2
                                                                                               --------       --------       -------

     Net income available after preferred stock dividends (A)                                   1,035.6          943.9          840.


     Common stock dividends on assumed conversion of preferred stock                                1.2            1.8            1.
                                                                                               --------       --------       -------

     Net income available to common shareholders                                               $1,036.8         $945.7         $842.
                                                                                               ========       ========       =======

     Weighted average number of common shares outstanding during the period (A)                   355.9          363.2          358.


     Additional shares related to potentially dilutive securities                                  10.8           10.7           11.
                                                                                               --------       --------       -------

     Adjusted weighted average common shares                                                      366.7          373.9          370.
                                                                                               ========       ========       =======

     Fully diluted net income per common share                                                    $2.83          $2.53          $2.2
                                                                                               ========       ========       =======

     ---------------------

     (A)  Refer to Consolidated statement of income and Financial comments on pages 33 and 49 from Part II,
          item 8 of this 1993 10-K for information concerning the computation of Net income per common share.