EXHIBIT 11.1


                     APL LIMITED AND SUBSIDIARIES
               COMPUTATION OF EARNINGS PER COMMON SHARE


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Year Ended               December 27  December 29    December 30
                                1996         1995           1994
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(In thousands, except
per share amounts)
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PRIMARY EARNINGS PER COMMON SHARE

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Net Income                  $69,454       $30,297        $74,198
Preferred Dividends Series C               (3,375)        (6,750)
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Earnings Available          $69,454       $26,922        $67,448
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Weighted Average:
Common Stock (1)             25,493        27,423         27,231
Common Stock Equivalents (2)    544           822          1,071
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Total Shares                 26,037        28,245         28,302
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Primary Earnings Per Common
  Share                     $  2.67       $  0.95        $  2.38
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FULLY DILUTED EARNINGS PER COMMON SHARE

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Net Income                  $69,454       $30,297        $74,198
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Weighted Average:
Common Stock (1)             25,493        29,734         27,231
Common Stock Equivalents (2)    561           822          1,100
Preferred Stock Series C                                   3,962
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Total Shares                 26,054        30,556         32,293
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Fully Diluted Earnings Per
  Common Share              $  2.67       $  0.99        $  2.30
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(1)In July through November 1996, the company repurchased 1,266
   shares of its common stock.  In July 1995, 1,500 outstanding
   shares  of  the company's 9% Series C Cumulative Convertible
   Preferred Stock ("Series C Stock") were converted into 3,962
   shares of common stock.  Primary Earnings Per Share for 1995
   includes   deductions  for  the  9%  Series   C   Cumulative
   Convertible   Preferred  Stock  dividends  of   $3,375   for
   preferred dividends through the conversion date.  The  fully
   diluted earnings per share calculation for 1995 reflects the
   conversion  of the Series C stock as though it had  occurred
   as  of  the beginning of the year.  Additionally, in  August
   through  October 1995, the company repurchased 6,000  shares
   of its common stock.

(2)Assumes  conversion of outstanding stock options  and  stock
   bonus  plan  shares  as  determined by  application  of  the
   treasury stock method.