COMPUTATION OF EARNINGS PER SHARE                                  EXHIBIT 11.1
CAROLINA FIRST CORPORATION AND SUBSIDIARIES




                                                            FOR THE YEAR ENDED
                                                             DECEMBER 31, 1996
                                                             -----------------

                                                                         
A.  Net income .............................................      $10,474,000   
    Less:  Dividends on preferred stock ....................           63,000                                                      
                                                             -----------------
B.  Net income applicable to common shareholders ...........      $10,411,000                                         
                                                             =================



PRIMARY EARNINGS PER SHARE

    Average shares outstanding .............................       10,705,107                                                      
    Dilutive average shares outstanding under options ......          280,767                                         
    Exercise prices ........................................  $4.81 to $17.50                                                      
    Assumed proceeds on exercise ...........................       $2,343,897                                               
    Average market value per share .........................            16.10                                                       
    Less:  Treasury stock purchased with the assumed
       proceeds from exercise of options ...................          146,166                                                       
                                                             -----------------
C.  Adjusted average shares -- Primary .....................       10,839,708                                                     
                                                             -----------------

    Primary Earnings Per Share (B/C) .......................            $0.96                                           
                                                             =================


FULLY DILUTED EARNINGS PER SHARE

    Average shares outstanding .............................       10,705,107                                                  
    Dilutive average shares outstanding under options ......          280,767                                            
    Exercise prices ........................................  $4.81 to $17.50                                                 
    Assumed proceeds on exercise ...........................       $2,343,897                                             
    Market value per share .................................            16.54   
       proceeds from exercise of options ...................          142,072                                                
                                                             -----------------
    Adjusted averaged shares ...............................       10,843,802                                                 
                                                             -----------------
    Common shares from the assumed conversion of
       convertible preferred stock .........................          527,745   
                                                             -----------------
D.  Adjusted average shares -- Fully diluted ................      11,371,547   
                                                             -----------------

    Fully Diluted Earnings Per Share (A/D) ..................           $0.92                                           
                                                             =================