EXHIBIT 11


TIDEWATER INC.
COMPUTATION OF EARNINGS AND SHARES USED IN ARRIVING AT
PRIMARY AND FULLY-DILUTED EARNINGS PER SHARE FOR THE
QUARTER AND NINE-MONTH PERIOD ENDED DECEMBER 31, 1995


 


                                  Quarter Ended     Nine Months Ended
                                December 31, 1995   December 31, 1995
                                ------------------  -----------------
                                              
 
Net Earnings (in thousands)            $    21,521        $    59,262
                                       ===========        ===========
 
Computation of weighted
average number of shares
outstanding:
- ------------------------------
 
  Issued:  53,337,457 shares
 
  Weighted average shares
  outstanding                           53,334,165         53,295,834
 
  Add: Incremental shares
       applicable to stock
       options                             508,763            436,013
                                       -----------        -----------
 
  Weighted average common
  shares and equivalents                53,842,928         53,731,847
                                       ===========        ===========
 
  Primary and fully diluted
  earnings per common share            $       .40        $      1.10
                                       ===========        ===========