Exhibit 11.1

THE HOME DEPOT, INC. AND SUBSIDIARIES

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

(In Millions, Except Per Share Data)

			Three Months Ended				Six Months Ended
			July 30, 2000		August 1, 1999		July 30, 2000		August 1, 1999
BASIC
Net Earnings Available to Common Shareholders			$	838	$	679	$	1,466	$	1,169
Weighted Average Number of Common Shares Outstanding				2,314		2,223		2,311		2,220
		Basic Earnings Per Share	$	0.36	$	0.31	$	0.63	$	0.53
DILUTED
Net Earnings Available to Common Shareholders			$	838	$	679	$	1,466	$	1,169
Tax-Effected Interest Expense Attributable to 31/4% Convertible Subordinated Notes				—		5		—		10
Net Earnings Available to Common Shareholders Assuming Dilution			$	838	$	684	$	1,466	$	1,179
Weighted Average Number of Common Shares Outstanding				2,314		2,223		2,311		2,220
Effect of Potentially Dilutive Securities:
	31/4% Convertible Subordinated Notes			—		72		—		72
	Employee Stock Plans			38		43		41		45
Weighted Average Number of Common Shares Outstanding Assuming Dilution				2,352		2,338		2,352		2,337
	Diluted Earnings Per Share		$	0.36	$	0.29	$	0.62	$	0.50

Employee stock plans represent shares granted under the Company's employee stock purchase plan and stock option plans, as well as shares issued for deferred compensation stock plans. Shares issuable upon conversion of the Company's 3¹/4% Notes were included in weighted average shares assuming dilution for purposes of calculating diluted earnings per share prior to their conversion in October 1999. To calculate diluted earnings per share for fiscal 1999, net earnings are adjusted for tax-effected net interest and issue costs on the 3¹/4% Notes (prior to conversion to equity in October 1999) and divided by weighted average shares assuming dilution.