EXHIBIT 11.1
                                         CAROLCO PICTURES INC.
                                 COMPUTATION OF EARNINGS PER COMMON SHARE


                                                                  Three Months Ended        
                                                                       March 31,
                                                                1993            1994            
                                                                --------------------
                                         

                                                                                    
Weighted average shares outstanding                          30,623,569     140,015,109  
Less Treasury shares                                           (536,438)     (2,327,381)    
                                                             ----------     -----------

Total                                                        30,087,131     137,687,728     
                                                             ==========     =========== 

Income (oss from continuing operations                      $(6,781,000)   $(2,031,000)     
Preferred Dividends                                                   0     (1,046,000)        
                                                             ----------      ----------

Income (loss) from continuing operations
    attributable to common shares                           $(6,781,000)   $(3,077,000) 
                                                             ==========      =========

Income (loss) from continuing operations
    per common share                                             $(0.23)        $(0.02) 
                                                             ==========      =========

Extraordinary gain                                                   $0              0     
                                                             ==========      =========

Income per share from extraordinary gain                          $0.00          $0.00       
                                                             ==========      =========   

Net income (loss)                                           $(6,781,000)   $(2,031,000)         
Preferred Dividends                                                   0     (1,046,000) 
                                                             ----------      ---------

Net income (loss) attributable to common shares             $(6,781,000)   $(3,077,000)
                                                             ==========     ==========  

Net income (loss) per common share                               $(0.23)       $(0.02) 
                                                             ==========     ==========