THE HOME DEPOT, INC.                      
		   Computation of Primary and Fully Diluted Earnings 
  			Per Common and Common Equivalent Share

                                                           
					                                     Fiscal Year Ended   
				                               --------------------------------
                            				   1-29-95     1-30-94      1-31-93 
                                                  
Primary     
- -------
Net earnings applicable
  to common and common
  equivalent shares                $604,501    $457,401    $362,863 
                                   					       ========    ========
Tax affected interest expense,
  net of interest capitalized
  attributable to convertible
  subordinated notes                 22,580
				                              ---------
				                               $627,081
                           				   =========
Shares:
  Weighted average number of
  common and common equivalent
  shares assuming average
  market price for period           455,173     453,037     444,989
						                                          =======     =======    

Additional shares assuming
  conversion of the notes            20,774                        
                            				    -------
                            				    475,947                        
                            				    =======
Primary earnings
  per common and common
  equivalent share                 $   1.32    $   1.01    $    .82
                            				   ========    ========    ========

Fully Diluted     

Net earnings applicable
  to common and common
  equivalent shares                $604,501    $457,401    $362,863

Tax effected interest
  expense attributable to
  convertible subordinated
  notes                            $ 22,580    $ 18,981    $    898
                            				   --------    --------    --------

                            				   $627,081    $476,382    $363,761
				                               ========    ========    ========
Shares:
  Weighted average number
  of common and common
  equivalent shares at the
  ending market price               455,717     453,037     445,197

Additional shares assuming
  conversion of the notes            20,774      20,774       5,208
                            				    -------     -------     -------
                            				    476,491     473,811     450,405
                            				    =======     =======     =======    
Fully diluted earnings
  per common & common
  equivalent share                 $   1.32  $     1.01   $     .81
                            				   ========  ==========   =========
<FN>
<F1>
(1)  Common equivalent shares  represent shares  granted under  three stock
     option  plans and an employee stock purchase plan.   All periods have
     been adjusted to  reflect the three-for-two and four-for-three stock
     split-ups effected in the form of a dividend in July 1992 and April
     1993, respectively.

<F2>
(2)  The Company's 4 % Convertible Subordinated Notes, issued in 1992, were
     common stock equivalents prior to the conversion in March,  1995.  For
     fiscal year 1994,  the 4 % Notes were  dilutive and are  assumed to be
     converted as of the beginning of the accounting period for purposes of
     calculating primary earnings per share.  In fiscal year 1993,  the 4 %
     Notes  were dilutive  but  had no  impact  on earnings  per  share and
     therefore  were excluded from the computation  of primary earnings per
     share.  The 4 % Notes were not dilutive for fiscal year 1992.
</FN>