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     Nine Months Ended

                                   Oct. 27,    Oct. 29,   Oct. 27,    Oct. 29,
                                     1996       1995         1996       1995
                                                         
Net earnings applicable to 
  common and common equivalent
  shares                          $ 221,371   $ 175,473  $ 686,564   $ 546,125

Tax effected interest expense, 
  net of interest capitalized, 
  attributable to convertible 
  subordinated notes                  1,659        ---       1,659       2,415
                                  $ 223,030   $ 175,473  $ 688,223   $ 548,540

Shares:
  Weighted average number of
  common and common equivalent
  shares assuming average 
  market price                      483,362     477,671    482,056     470,544
  
  Additional shares from 
  conversion of notes                 4,563        ---       1,521       6,925
  
                                    487,925     477,671    483,577     477,469

Primary earnings per common 
  and common equivalent share     $   0.457   $   0.367  $   1.423   $   1.149


(1)  Common  equivalent shares  represent  shares granted  under  two  stock
     option plans for  the  three  months  ended October  27, 1996, and three
     stock option plans and an employee  stock purchase plan for all other 
     periods presented.

(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 nine months ended October 29, 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)  The  Company's 3.25% Convertible  Subordinated Notes  issued  on 
     October 2, 1996, are common stock equivalents.   For the  three  and
     nine months ended October 27, 1996,  the  notes  were dilutive and, 
     accordingly, were assumed to be converted upon the  date of issuance 
     for purposes of calculating earnings per share.

(4)  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 nine  months  ended 
     October 27, 1996, and the three  and  nine  months ended  October  29,
     1995.  Fully diluted earnings per  share  was  not calculated for the 
     three month period ending October 27, 1996, because the ending market 
     price was lower than the average price.