EXHIBIT 11.1

              VETERINARY CENTERS OF AMERICA, INC. AND SUBSIDIARIES

                   COMPUTATIONS OF PER SHARE EARNINGS (LOSS)



The computations of net earnings (loss) per share for three and six months
ended June 30, 1997 and 1996 are as follows:


                            Three Months Ended           Six Months Ended
                             June 30,                         June 30,
                         1997           1996            1997            1996
                    ------------   ------------   ------------    -------------
Primary:                                       
  Net income (loss) $  4,351,000    $(1,304,000)  $   5,761,000   $   (544,000)
                    ============   ============   ============    =============

  Average common 
     shares 
     outstanding      19,502,000     14,163,000      19,473,000     13,697,000
  Dilutive common 
     equivalent share 
     issuable upon:
   Conversion of 
     preferred stock     583,000          --            583,000         --    
   Exercise of options 
     to purchase 
     common shares       511,000          --            424,000         --    
   Issuance of 
     contingently 
     issuable shares     141,000          --            151,000         --    
                      ----------     ----------      ----------     ----------
                      20,737,000     14,163,000      20,631,000     13,697,000
                      ==========     ==========      ==========     ==========

  Net earnings (loss) 
     per share            $ 0.21        $ (0.09)         $ 0.28        $ (0.04)
                          ======        ========         ======        ========

Fully Diluted:
 Net income (loss)   $ 4,351,000    $ (1,304,000)    $ 5,761,000    $ (544,000)
  Addback: Interest
   expense, net of
   tax, applicable to
   convertible debt      718,000         897,000       1,437,000       898,000
                     -----------    ------------     -----------    ----------
                     $ 5,068,000    $   (407,000)    $ 7,198,000    $  354,000
                     ===========    ============     ===========    ==========

  Average common 
   shares outstanding 19,502,000      14,163,000      19,473,000    13,697,000
  Dilutive common 
   equivalent share 
   issuable upon:
   Conversion of 
    preferred stock      583,000         583,000         583,000       583,000
   Redemption of 
    redeemable warrants    --              --              --        1,145,000
   Exercise of options 
    to purchase common 
    shares               780,000         970,000         726,000       977,000
   Issuance of 
    contingently issuable 
    shares               141,000       1,032,000         151,000          --  
   Conversion of 
    convertible debt   2,497,000       2,464,000       2,498,000     2,464,000
                      ----------      ----------      ----------    ----------
                      23,503,000      19,212,000      23,431,000    18,866,000
                      ==========      ==========      ==========    ==========
Net earnings (loss) 
 per share                $ 0.22         $ (0.02)         $ 0.31        $ 0.02
                          ======         =======          ======        ======