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                                                                    Exhibit 11.1


                           RENTAL SERVICE CORPORATION
                STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE


<TABLE>
<CAPTION>
                                                          Year Ended December 31,           
                                                     1994           1995           1996     
                                                 -----------    -----------    -----------  
                                                                                            
<S>                                              <C>            <C>            <C>          
Weighted average common shares outstanding         4,337,820      4,116,412      7,020,405  
Net effect of dilutive common stock                                                         
 options - based on the treasury stock                                                      
 method using the average market price                    --             --         50,270  
Net effect of common stock, common                                                          
 stock options and warrants issued at                                                       
 less than IPO price within twelve                                                          
 months - based on the treasury stock                                                       
 method:                                                                                    
 Common stock                                        876,483        757,953          5,401  
 Options                                             152,604        152,604         94,805  
 Warrants                                             60,821         60,821         47,160  
                                                 -----------    -----------    -----------
                                                   5,427,728      5,087,790      7,218,041  
                                                 ===========    ===========    ===========  
                                                                                            
Income before extraordinary item                 $ 1,976,000    $ 3,715,000    $ 3,989,000  
Preferred stock accretion                         (1,646,000)    (1,717,000)    (1,643,000) 
                                                 -----------    -----------    -----------
                                                 $   330,000    $ 1,998,000    $ 2,346,000  
                                                 ===========    ===========    ===========  
                                                                                            
Net income                                       $ 1,976,000    $ 3,237,000    $ 2,720,000  
Preferred stock accretion                         (1,646,000)    (1,717,000)    (1,643,000) 
                                                 -----------    -----------    -----------
                                                 $   330,000    $ 1,520,000    $ 1,077,000  
                                                 ===========    ===========    ===========  
                                                                                            
Per share amount:                                                                           
Income before extraordinary item                 $       .06    $       .39    $       .33  
Extraordinary item                                        --           (.09)          (.18) 
                                                 -----------    -----------    -----------
Net income                                       $       .06    $       .30    $       .15  
                                                 ===========    ===========    ===========   
</TABLE>