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                    RE CAPITAL CORPORATION AND SUBSIDIARIES
 
               EXHIBIT 11.0 -- COMPUTATION OF EARNINGS PER SHARE
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)
 


                                                                     YEAR ENDED DECEMBER 31,
                                                                  -----------------------------
                                                                   1994        1993       1992
                                                                  -------     ------     ------
                                                                                
PRIMARY
 
Average shares outstanding......................................    6,923      6,729      6,439
 
Weighted average shares of common stock
  equivalents associated with stock options, net................       36        105         94
                                                                  -------     ------     ------
Total...........................................................    6,959      6,834      6,533
                                                                  =======     ======     ======
Net Income......................................................  $ 7,907     $8,037     $2,309
                                                                  =======     ======     ======
Per share amount................................................  $  1.14     $ 1.18     $  .35
                                                                  =======     ======     ======
 
FULLY DILUTED
Average shares outstanding......................................    6,923      6,729      6,439
 
Weighted average shares of common stock
  equivalents associated with stock options, net................       36        105        159
 
Assumed conversion of convertible debentures and note...........    4,015      1,958        476
                                                                  -------     ------     ------
Total...........................................................   10,974      8,792      7,074
                                                                  =======     ======     ======
Net Income......................................................  $ 7,907     $8,037     $2,309
 
Add convertible debenture and note interest,
  net of Federal income tax effect..............................    2,505      1,304        528
                                                                  -------     ------     ------
Adjusted Net Income.............................................  $10,412     $9,341     $2,837
                                                                  =======     ======     ======
Per share amount................................................  $   .95     $ 1.06     $  .40
                                                                  =======     ======     ======

 
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