CAROLINA FIRST CORPORATION                     EXHIBIT 11.1
  COMPUTATION OF EARNINGS PER SHARE      
                                                   

                                  
                                                                                     
                                                           1st Qtr 1995  2nd Qtr 1995   YTD 2nd Qtr 1995

                                                                                        
A.Net income.............................................   $2,183,000      $2,153,000     $4,336,000
  Less:  Dividends on preferred stock....................      727,000         685,000      1,412,000
B.Net income applicable to common shareholders...........   $1,456,000      $1,468,000     $2,924,000
                                                                                     
                                                                                     
                                                                                     
  PRIMARY EARNINGS PER SHARE                                                         
                                                                                     
  Average shares outstanding.............................    5,923,317       6,099,239       6,011,278
                                                                                     
  Dilutive average shares outstanding                                                
     under options.......................................      251,742         261,723        256,733
                                                                                     
  Exercise prices........................................  $6.06 to $12.38  $6.06 to $12.38  $6.06 to $12.38
                                                                                     
  Assumed proceeds on exercise...........................   $1,683,560       $1,807,092       $1,745,326
                                                                                     
  Average market value per share.........................        14.29           13.94          14.11
                                                                                     
  Less:  Treasury stock purchased with the assumed                                   
     proceeds from exercise of options....................      117,832        129,625        123,656
C.Adjusted average shares -- Primary.....................     6,057,227      6,231,337      6,144,354
                                                                                     
                                                                                     
  Primary Earnings Per Share (B/C).......................         $0.24          $0.24          $0.48
                                                                                     
                                                                                     
                                                                                     
  FULLY DILUTED EARNINGS PER SHARE                                                   
                                                                                     
  Average shares outstanding.............................    5,923,317       6,099,239        6,011,278
                                                                                     
  Dilutive average shares outstanding under options......      251,742         261,723          256,733
                                                                                     
  Exercise prices........................................  $6.06 to $12.38  $6.06 to $12.38  $6.06 to $12.38
                                                                                     
  Assumed proceeds on exercise...........................   $1,683,560      $1,807,092        $1,745,326
                                                                                     
  Market value per share.................................        14.29           15.00            14.64
                                                                                     
  Less:  Treasury stock purchased with the assumed                                   
     proceeds from exercise of options...................      117,832        120,473          119,185
  Adjusted average shares................................    6,057,227      6,240,489        6,148,826
                                                                                     
  Common shares from the assumed conversion                                          
     of Convertible Preferred Stock......................    3,079,962      2,920,391        3,000,176
                                                                                     
D.Adjusted average shares -- Fully diluted...............    9,137,189      9,160,880        9,149,002
                                                                                     
  Fully Diluted Earnings Per Share (A/D).................        $0.23          $0.24            $0.47