Exhibit 11.1
                  THE HOME DEPOT, INC. AND SUBSIDIARIES

                         Computation of Earnings
                  Per Common and Common Equivalent Share

                   (In Thousands, Except Per Share Data)


                                 Three Months Ended      Six Months Ended

                              July 28,    July 30,     July 28,     July 30,
                                  1996       1995         1996         1995
                                                     
Net earnings applicable 
to common and common 
equivalent shares           $  270,174  $  212,887  $  465,193   $  370,652

Tax effected interest 
expense, net of interest
capitalized, attributable
to 4.5% Convertible 
Subordinated Notes              ------      ------      ------        2,415
                            $  270,174  $  212,887  $  465,193    $ 373,067


Shares:
  Weighted average number 
  of common and common 
  equivalent Shares assuming
  average market price         482,446     477,737     481,384     470,499

  Additional shares from 
  conversion of 4.5% 
  Convertible Subordinated
  Notes                         ------      ------      ------       6,925

                               482,446     477,737     481,384     477,424

Primary earnings per common 
and common equivalent share $    0.560  $    0.446  $    0.966   $   0.781

(1)  Common    equivalent   shares   represent   shares    granted    under
     three   stock   option   plans   and  an   employee   stock   purchase
     plan.

(2)  The   Company's   4.5%  Convertible  Subordinated  Notes,   issued   in
     1992,    were    common    stock   equivalents    prior    to    their
     conversion  in  March  1995.   For  the  six  months  ended  July  30,
     1995   the   Notes  were  dilutive  and,  accordingly,  were   assumed
     to  be  converted  as  of  the  beginning  of  the  accounting  period
     for purposes of calculating earnings per share.

(3)  Fully    diluted   earnings   per   share   computations    are    not
     presented  because  the  impact  of  a  higher  ending  market   price
     on    weighted    average   common   equivalent   shares    was    not
     material  for  the  three  month  period  ended  July  30,  1995,  and
     the  six  month  periods  ended  July 28,  1996  and  July  30,  1995.
     Fully   diluted  earnings  per  share  was  not  calculated  for   the
     three   month  period  ending  July  28,  1996,  because  the   ending
     market price was lower than the average price.