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                                  EXHIBIT 11.1

                     LOMAK PETROLEUM, INC. AND SUBSIDIARIES

                       Computation of Earnings Per Common
                          and Common Equivalent Shares
                      (In thousands, except per share data)



                                                                       Three Months Ended June 30,
                                                                  --------------------------------------
                                                                        1995                 1996
                                                                  -----------------    -----------------
                                                                                           
Average shares outstanding                                             11,901                14,486 
                                                                                                    
Net effect of conversion of warrants and stock options                    174                   476 
                                                                     --------               ------- 
                                                                                                    
Total primary and fully diluted shares                                 12,075                14,962 
                                                                     ========               ======= 
                                                                                                    
                                                                                                    
Net income                                                           $  1,026               $ 2,780 
                                                                                                    
                                                                                                    
Less preferred stock dividends                                            (94)                 (609)
                                                                     --------               ------- 
                                                                                                    
Net income applicable to common shares                               $    932               $ 2,171 
                                                                                                    
                                                                     ========               ======= 
                                                                                            
Earnings per common share                                            $    .08               $   .15 
                                                                     ========               ======= 


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