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
Primary                      November 2, October 27,  November 2, October 27,
                                1997        1996          1997        1996
                                                      
Net Earnings Applicable to 
  Common and Common 
  Equivalent Shares          $  235,878  $  221,371   $  852,590  $  686,564

Tax Effected Interest 
  Expense, Net of Interest
  Capitalized, Attributable 
  to 3.25% Convertible 
  Subordinated Notes              5,845       1,659       17,531       1,659   
                             $  241,723  $  223,030   $  870,121  $  688,223
Shares:
Weighted Average Number of
 Common and Common 
  Equivalent Shares Assuming
  the higher of the Ending 
  or Average Market  Price 
  for Period                   741,604      725,043      739,750     723,084
  
 Additional Shares from 
   Assumed Conversion of 
   3.25% Convertible 
   Subordinated Notes           23,956        6,845       23,956       2,282

                               765,560      731,888      763,706     725,366
Primary Earnings per Common 
 and Common Equivalent 
  Share                      $   0.316   $    0.305   $   1.139   $    0.949

                                                            


(1)  Common equivalent shares represent shares granted under the Company's
     employee stock purchase plan and stock option plans for the three and 
     nine month periods ended November 2, 1997 and October 27, 1996.  All 
     periods have been adjusted to reflect the three-for-two stock split 
     in July 1997.

(2)  Primary Earnings per Common and Common Equivalent Shares excluding the
     $104,000,000 non-recurring charge were $.399 for the three months  and
     $1.223 for the nine months ended November 2, 1997.

(3)  The Company's 3.25% Convertible Subordinated Notes issued on October 2,
     1996, are common stock equivalents. For the  three and nine month 
     periods ended November 2, 1997 and October 27, 1996, the Notes were 
     dilutive and, accordingly, were assumed to be converted at the 
     beginning of the accounting period for purposes of calculating 
     earnings per share.