First Mortgage Corporation
                                        
                    Notes to Financial Statements (continued)


                                        
                                  Exhibit 11.1
                           First Mortgage Corporation
                                        
                        Computation of Per Share Earnings
                                        
                        Three Years Ended March 31, 1997



                                            Year ended March 31
                                             1997       1996        1995
                                                                                    
Primary earnings (loss) per share:
 Shares used in computing                            
  primary earnings per share:
   Weighted average shares outstanding        5,872,596  5,882,966  5,946,681
   Effect of stock options                             
    treated as equivalents under                       
    the treasury stock method                     1,335      7,131          -
Total                                         5,873,931  5,890,097  5,946,681
Net income (loss)                            $1,115,000 $2,569,000  $(548,000)
Earnings (loss) per share                          $.19       $.44      $(.09)
                                                   
Fully diluted earnings                             
 (loss) per share:
 Shares used in computing fully                      
  diluted earnings per share:
   Weighted average shares outstanding        5,872,596  5,882,966  5,946,681
   Effect of stock options                             
    treated as equivalents under                       
    the treasury stock method                     1,335      7,131          -
Total                                         5,873,931  5,890,097  5,946,681
Net income (loss)                            $1,115,000 $2,569,000  $(548,000)
Earnings (loss) per share                          $.19       $.44      $(.09)