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                                                              Exhibit 11.1
                           DELTA FINANCIAL CORPORATION
                 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

                                                        THREE MONTHS ENDED
                                                          MARCH 31, 1997       
                                                           ------------ 
<S>                                                        <C>             
Primary Earnings Per Share                                              
--------------------------                                              
   Net income                                              $ 6,989,630  
                                                           ============ 
                                                                        
   Weighted average number of common                                    
   and common equivalent shares:                                        
   -----------------------------                                        
      Average no. of shares outstanding                     15,319,271  
                                                                        
      Net effect of dilutive stock options                              
        based on treasury stock method                         101,612  
                                                                        
   Total average shares:                                    15,420,883  
                                                           ============ 
                                                                        
   Primary earnings per share                              $      0.45  
                                                           ============ 
                                                                        
                                                                        
Fully Diluted Earnings Per Share                                        
--------------------------------
   Net income                                              $ 6,989,630  
                                                           ============ 
                                                                        
   Weighted average number of common                                    
   and common equivalent shares:                                        
   -----------------------------                                        
      Average no. of shares outstanding                     15,319,271  
                                                                        
      Net effect of dilutive stock options                              
      based on treasury stock method                           101,612  
                                                                        
   Total average shares:                                    15,420,883  
                                                           ============ 
                                                                        
   Fully diluted earnings per share                        $      0.45  
                                                           ============ 
                                                          
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