EXHIBIT 11


                        COMPUTATION OF EARNINGS PER SHARE







                                   EXHIBIT 11
                           FIRST FINANCIAL CORPORATION
                        COMPUTATION OF EARNINGS PER SHARE




                                                                     For The                               For The
                                                                Three Months Ended                   Nine Months Ended
                                                                   September 30,                        September 30,
                                                                ------------------                   ----------------
                                                                 1996             1995                1996             1995
                                                                ------          -------              ------          ------
                                                                    (In thousands, except per share data)
                                                                                                             
PRIMARY EARNINGS PER SHARE

Income (loss) before extraordinary item                        $(3,697)         $17,793              $31,218         $44,925

Extraordinary item                                                  --               --                 (686)             --
                                                               -------          -------              -------         -------

Net income (loss)                                              $(3,697)         $17,793              $30,532         $44,925
                                                               =======          =======              =======         =======

Shares:

   Weighted average common shares
    outstanding                                                 29,911           29,542               29,872          29,362
   Shares from assumed exercise of options
    (as determined by the treasury stock
    method)                                                        617              711                  622             742
                                                               -------          -------              -------         -------
   Common and common equivalent shares                          30,528           30,253               30,494          30,104
                                                               =======          =======              =======         =======

Primary Earnings Per Common Share:

   Income (loss) before extraordinary item                     $ (0.12)         $   .59              $  1.02         $  1.49
   Extraordinary item                                               --               --                (0.02)             --
                                                               -------          -------              -------         -------
   Net income (loss)                                           $ (0.12)         $   .59              $  1.00         $  1.49
                                                               =======          =======              =======         =======


FULLY DILUTED EARNINGS PER SHARE

Income (loss) before extraordinary item                        $(3,697)         $17,793              $31,218         $44,925

Extraordinary item                                                  --               --                 (686)             --
                                                               -------          -------              -------         -------

Net income (loss)                                              $(3,697)         $17,793              $30,532         $44,925
                                                               =======          =======              =======         =======

Shares:

   Weighted average common shares
    outstanding                                                 29,911           29,542               29,872          29,362
   Shares from assumed exercise of options
    (as determined by the treasury stock
    method)                                                        636              794                  657             902
                                                               -------          -------              -------         -------
   Common and common equivalent shares                          30,547           30,336               30,529          30,264
                                                               =======          =======              =======         =======


Fully Diluted Earnings Per Common Share:

   Income (loss) before extraordinary item                     $ (0.12)         $   .59              $  1.02         $  1.48
   Extraordinary item                                               --               --                (0.02)             --
                                                               -------          -------              -------         -------
   Net income (loss)                                           $ (0.12)         $   .59              $  1.00         $  1.48
                                                               =======          =======              =======         =======