Exhibit 11.1
                  THE HOME DEPOT, INC. AND SUBSIDIARIES
                                     
                     COMPUTATION OF BASIC AND DILUTED
                            EARNINGS PER SHARE

(In Millions, Except Per Share Data)
                                Three Months Ended    Six Months Ended

                                Aug 2,     Aug 3,     Aug 2,     Aug 3,
                                 1998       1997       1998       1997
BASIC

                                                     
Net Earnings Available           
  to Common Shareholders        $  467     $  358     $  804     $  617

Weighted Average Number of
  Common Shares Outstanding      1,470      1,459      1,468      1,455

Basic Earnings Per Share        $ 0.32     $ 0.25     $ 0.55     $ 0.42


DILUTED

Net Earnings Available to 
  Common Shareholders           $  467     $  358     $  804     $  617
  
Tax-Effected Interest Expense
  Attributable to 3.25% 
  Convertible Subordinated
  Notes                              6          6         12         11

Net Earnings Available to 
  Common Shareholders 
  Assuming Dilution             $  473     $  364     $  816     $  628

Weighted Average Number of
   Common Shares Outstanding     1,470      1,459      1,468      1,455

Effect of Potentially 
  Dilutive Securities:
  3.25% Convertible 
  Subordinated Notes                48         48         48         48

Employee Stock Plans                28         17         26         14

Weighted Average Number 
  of Common Shares
  Outstanding Assuming 
  Dilution                       1,546      1,524      1,542      1,517


Diluted Earnings Per Share      $ 0.31     $ 0.24     $ 0.53     $ 0.41

      (1)    Employee stock plans represent shares granted under the Company's
 employee  stock  purchase plan and stock option plans, as well  as  shares
 issued  for deferred compensation stock plans.  For fiscal years 1998  and
 1997,  shares issuable upon conversion of the Company's 3.25% Notes,  issued
 in  October  1996, were  included in weighted  average  shares  assuming 
 dilution  for  purposes  of calculating  diluted  earnings   per  share. 
 To  calculate  diluted  earnings  per  share,  net  earnings  are
 adjusted  for tax-effected net interest  and issue costs on the 3.25%  Notes
 and divided by weighted average shares assuming dilution.