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                                  EXHIBIT 11.0

                    INTERCARGO CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE
                    (in thousand, except for per share data)



<TABLE>
<CAPTION>
                                                                              For the six months                
                                                                                 ended June 30,            
                                                                             1997              1996          
                                                                             ----              ----
<S>                                                                          <C>               <C>            
Primary                                                                                    
                                                                                           
Net income                                                                    $3,839            2,870          
                                                                              ======            =====          
Shares                                                                                                         
 Weighted average number of common shares outstanding                          7,660            7,641          
 Additional dilutive effect of outstanding warrant and options                                                 
   (as determined by the application of the treasury stock method)                16               21          
                                                                              ------            -----          
Weighted average number of common shares outstanding as adjusted               7,676            7,662          
                                                                              ======            =====          
Primary earnings per share                                                     $0.50             0.37          
                                                                              ======            =====          
Fully diluted                                                                                                  
Net income                                                                    $3,839            2,870          
                                                                              ======            =====          
Shares                                                                                                         
 Weighted average number of common shares outstanding                          7,660            7,641          
 Additional dilutive effect of outstanding warrant and options                                                 
   (as determined by the application of the treasury stock method)                25               21          
                                                                              ------            -----          
                                                                                                               
Weighted average number of common shares outstanding as adjusted               7,685            7,662          
                                                                              ======            =====          
                                                                                                               
Fully diluted earnings per share                                               $0.50             0.37          
                                                                              ======            =====          
</TABLE>                    
                    
                    
                    
                    
                    
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