EXHIBIT 11


                        Computation of Earnings Per Share







                                   EXHIBIT 11
                           FIRST FINANCIAL CORPORATION
                        COMPUTATION OF EARNINGS PER SHARE



                                                                    FOR THE                                FOR THE
                                                               THREE MONTHS ENDED                      SIX MONTHS ENDED
                                                                    JUNE 30,                               JUNE 30,
                                                               ------------------                    --------------
                                                                1997             1996                 1997             1996
                                                               ------           ------               ------           -----
                                                                                (In thousands, except
                                                                                   per share data)
                                                                                                             

PRIMARY EARNINGS PER SHARE

INCOME BEFORE EXTRAORDINARY ITEM                               $19,980          $17,581              $39,090         $34,915

EXTRAORDINARY ITEM                                                  --               --                   --            (686)
                                                               -------          -------              -------         ------- 

NET INCOME                                                     $19,980          $17,581              $39,090         $34,229
                                                               =======          =======              =======         =======

SHARES:

   Weighted average common shares
    outstanding                                                 36,214           37,372               36,477          37,316
   Shares from assumed exercise of options
    (as determined by the treasury stock
    method)                                                        788              767                  809             779
                                                               -------          -------              -------         -------
   Common and common equivalent shares                          37,002           38,139               37,286          38,095
                                                               =======          =======              =======         =======

PRIMARY EARNINGS PER COMMON SHARE:

   Income before extraordinary item                            $   .54          $   .46              $  1.05         $   .92
   Extraordinary item                                               --               --                   --            (.02)
                                                               -------          -------              -------         -------
   Net income                                                  $   .54          $   .46              $  1.05         $   .90
                                                               =======          =======              =======         =======


FULLY DILUTED EARNINGS PER SHARE

INCOME BEFORE EXTRAORDINARY ITEM                               $19,980          $17,581              $39,090         $34,915

EXTRAORDINARY ITEM                                                  --               --                   --            (686)
                                                               -------          -------              -------         ------- 

NET INCOME                                                     $19,980          $17,581              $39,090         $34,229
                                                               =======          =======              =======         =======

SHARES:

   Weighted average common shares
    outstanding                                                 36,214           37,372               36,477          37,316
   Shares from assumed exercise of options
    (as determined by the treasury stock
    method)                                                        812              768                  842             797
                                                               -------          -------              -------         -------
   Common and common equivalent shares                          37,026           38,140               37,319          38,113
                                                               =======          =======              =======         =======


FULLY DILUTED EARNINGS PER COMMON SHARE:

   Income before extraordinary item                            $   .54          $   .46              $  1.05         $   .92
   Extraordinary item                                               --               --                   --            (.02)
                                                               -------          -------              -------         -------
   Net income                                                  $   .54          $   .46              $  1.05         $   .90
                                                               =======          =======              =======         =======