Exhibit 11
HILB, ROGAL AND HAMILTON COMPANY AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31
__________________________________
1996 1995 1994
PRIMARY:
Average shares outstanding 13,493,255 14,470,407 14,778,304
Net effect of dilutive stock options-- based
on the treasury stock method using average
fair value 25,451 9,989 7,082
Net effect of guaranteed future shares to be
issued in connection with an agency
acquisition 7,076
Net effect of future shares to be
issued in connection with an agency
acquisition contingent upon performance 28,301
_________ __________ __________
Average number of shares as adjusted 13,554,083 14,480,396 14,785,386
========== ========== ==========
Net income $11,406,391 $11,828,910 $11,392,283
=========== =========== ===========
Per share amount $.84 $.82 $.77
==== ==== ====
FULLY DILUTED:
Average shares outstanding
13,493,255 14,470,407 14,778,304
Net effect of dilutive stock options-- based
on the treasury stock method using average
fair value 25,451 27,458 7,344
Net effect of guaranteed future shares to be
issued in connection with an agency
acquisition 7,076
Net effect of future shares to be
issued in connection with an agency
acquisition contingent upon performance 56,603
---------- ---------- ----------
Average number of shares as adjusted 13,582,385 14,497,865 14,785,648
========== ========== ==========
Net income $11,406,391 $11,828,910 $11,392,283
=========== =========== ===========
Per share amount $.84 $.82 $.77
==== ==== ====
Note: The per share amounts for each period presented above
do not necessarily support amounts in the statement of
consolidated income because common stock equivalents are
less than 3% dilutive.