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                                  EXHIBIT 11.1

                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
               STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE,
                      BASIC AND DILUTED EARNINGS PER SHARE

                   ($ in thousands, except per share amounts)




                                                  For the Year Ended
                                                  December 31, 1998
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    Net income                                         $ 48,671

    Net income per common share - basic (1)            $   2.10

    Net income per common share - diluted (2)          $   2.07



1) The number of common shares outstanding used to compute net income per
share-basic was 23,122,835 for the year ended December 31, 1998.

2) Diluted earnings per common share for the year ended December 31, 1998, was
calculated based on weighted average common shares outstanding of 23,501,108,
which assumes the exercise of options covering 1,742,705 shares and computes
incremental shares using the treasury stock method.