EXHIBIT 11
                               ORION CAPITAL CORPORATION
                         COMPUTATION OF EARNINGS PER COMMON SHARE
                                       (UNAUDITED)
                    (000s omitted - except for per common share data)

                                         Three months ended    Nine months ended
                                            September 30,        September 30,  
                                         ------------------    -----------------
                                          1997     1996        1997    1996
                                          ----     ----        ----    ----
                                                                
Computation of weighted average number of 
  common and equivalent shares outstanding:
 PRIMARY -
  Weighted average number of shares
    outstanding ......................   27,335    27,328    27,313    27,428   
  Dilutive effect of stock options and 
    stock awards .....................      546       374       515       370   
                                         ------    ------    ------    ------
  Weighted average number of common and                
    equivalent shares ................   27,881    27,702    27,828    27,798  
                                         ======    ======    ======    ======
Net earnings attributable to common
  stockholders .......................  $24,526   $24,361   $79,385   $62,821  
                                         ======    ======    ======    ======
Net earnings per common share ........  $   .88   $   .88   $  2.85   $  2.26  
                                         ======    ======    ======    ======
 FULLY DILUTED - 
  Weighted average number of shares 
    outstanding .......................  27,335    27,328    27,313    27,428  
                                                                               
  Dilutive effect of stock options and 
    stock awards ......................     625       388       558       388   
                                         ------    ------     -----    ------  
  Weighted average number of common and
    equivalent shares ................   27,960    27,716    27,871    27,816  
                                         ======    ======    ======    ====== 
Net earnings attributable to common 
  stockholders .......................  $24,526   $24,361   $79,395   $62,821  
                                         ======    ======    ======    ======   
Net earnings per common share ........  $   .88   $   .88   $  2.85   $  2.26  
                                        =======   =======   =======   =======
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