Exhibit 11.1                                           
                                                    
ContiFinancial Corporation                          
Calculation of Earnings Per Share                               
                                                     
<TABLE>
<CAPTION>                                                                                                
                                                                                                
        Primary                                                                                 
Net Income                      61,710,000                                                                      
                                                                                                
Weighted Average Shares                                                                                         
        1st Quarter     45,425,103                                                                              
        2nd Quarter     47,604,683                                                                              
                        ----------                                                                              
                Average         46,514,893                                                                      
                                ----------                                                                      
                                                                                                
        Year-to-date Primary EPS     $1.33                                                                   
                                     =====                                                                   
                                                                                             
                                                                                                
                                                                                                
        Fully Diluted                                                                                   
Net Income                      61,710,000                                                                      
                                                                                                
Weighted Average Shares                                                                                         
        1st Quarter     45,588,626                                                                              
        2nd Quarter     47,619,685                                                                         
                        ----------                                                                         
                Average         46,604,156                                                                      
                                ----------                                                                      
                                                                                                
Year-to-date Fully diluted EPS       $1.32                                                                   
                                     =====                                                                   
                                                                                                
<PAGE>
                                                                                                
                                                                                                
                                                                                                
Exhibit 11.1                                                                                            
                                                                                                
ContiFinancial Corporation                                                                                              
2nd quarter EPS calculation                                                                                             
                                                                                                
                Primary                                                                         
                                                                                                                           Weighted
                                                                                            # of shares      weighting  Ave. Shares
                                                                                            -----------      ---------  -----------


<S>                                                                                           <C>                 <C>    <C>       
Continental Grain Shares                                                                      35,918,421          100%   35,918,421

Shares Issued in IPO                                                                           7,130,000          100%    7,130,000

Shares Acquired through exercise of options                                                        1,996          100%        1,996

Shares Aquired Through Accelerated Vesting -8/15/96                                                1,996          100%        1,996

Shares Aquired Through Accelerated Vesting -8/15/96                                               53,220          100%       53,220

Shares Aquired Through Accelerated Vesting -11/19/96                                               3,990          100%        3,990

Shares Acquired through exercise of options - 1/23/97                                              5,991          100%        5,991

Shares Acquired through exercise of options - 2/19/97                                              3,395          100%        3,395

Shares Acquired through exercise of options - 4/11/97                                              5,328          100%        5,328

Shares Acquired through exercise of options - 4/30/97                                              5,326          100%        5,326

Shares Acquired through exercise of options - 5/9/97                                               2,995          100%        2,995

Shares Acquired through exercise of options - 8/19/97    19-Aug-9    30-Sep-97                    11,185           46%        5,106

Vested Restricted Stock of former Employees                                                        5,328          100%        5,328

Vested Restricted Stock of former Employees                                                        5,321          100%        5,321

Secondary Equity Offering                                                                   3,220,000.00          100%    3,220,000
                                                                                                
                                                                                                
Effect of restricted shares:                                                                                            
        Effect from July 1-  September 17, 1997                                                                                 
                Unamortized deferred comp. @ 6/30/97                14,881,867                                              
                Unamortized deferred comp. @ 9/17/97                13,598,862                                              
                                                                    ----------                                              
                                                                    28,480,729                                              
                                                                    ==========                                              
                Average unamortized def. comp. during the period                          14,240,364.46                           
                                                                                                
                Tax benefit on assumed exercise:                                                                                
                                                                                                
                        Total Restricted Shares                      1,243,168                                               
                        Ave. Market Price (7/1-9/17)                    35.820                                          
                                                                     ---------                                          
                        Value                                       44,530,278                                              
                                                                    ==========                                              
                        Tax Effect (40%)                            17,812,111                                              
                        Tax Effect of compensation                  10,576,911                                              
                                                                    ----------                                              
                                                                                           7,235,199.90                            
                                                                                           ------------                            
                                                                                           
        Total Assumed Proceeds                                                            21,475,564.37                           
                                                                                          =============                           
                                                                                           
        Repurchase Shares on Market                                                                 
                Total Assumed Proceeds                                                    21,475,564.37                           
                Ave. Market Price (7/1-9/17)                                                     35.820                          
                                                                                                 ------                          
                        Number of Shares                                                     599,541.16                          
                                                                                             ==========                         
                                                                                           
        Incremental Shares Considered to be Outstanding                                                                          
                Restricted Shares                                                             1,243,168                        
                Repurchase Shares                                                            599,541.16                           
                                                                                             ----------                         
                    Incremental Shares 643,626.84 86% 552,680
</TABLE>
                                                                              
<PAGE>
<TABLE>
<CAPTION>
                                                                                                
Effect of restricted shares:                                                                                            
        Effect from September 17-  September 30, 1997                                                                          
                Unamortized deferred comp. @ 9/17/97               13,598,862                                              
                Unamortized deferred comp. @ 9/30/97               13,860,830                                              
                                                                   ==========                                              
                                                                   27,459,692                                              
                                                                   ==========                                              
                Average unamortized def. comp. during the period                                                13,729,845.94    
                                                                                                
                Tax benefit on assumed exercise:                                                                                
                                                                                                
                        Total Restricted Shares                     1,253,168                                               
                        Ave. Market Price (9/17-9/30)                  32.031                                          
                                                                       ------                                          
                        Value                                      40,140,224                                              
                                                                   ==========                                              
                        Tax Effect (40%)                           16,056,090                                              
                        Tax Effect of compensation                 10,707,161                                              
                                                                   ----------                                              
                                                                                           5,348,928.48                            
                                                                                           ------------                            
                                                                                          
<S>                                                                                       <C>                                     
        Total Assumed Proceeds                                                            19,078,774.42                           
                                                                                          =============                           
                                                                                          
        Repurchase Shares on Market                                                                               
                Total Assumed Proceeds                                                    19,078,774.42                           
                Ave. Market Price (9/17-9/30)                                                    32.031                          
                                                                                                 ------                          
                        Number of Shares                                                     595,634.68                           
                                                                                             ==========                           
                                                                                          
        Incremental Shares Considered to be Outstanding                                                                           
                Restricted Shares                                                             1,253,168                           
                Repurchase Shares                                                            595,634.68                            
                                                                                             ----------                            
                        Incremental Shares                                                   657,533.32          14%        92,912
                                                                                             ==========          
                                                                                          
                                                                                                
                                                                                                
Effect of Options:                                                                                              
                                                                                                
                                                                                                
        Options Exercised:                                                                                      
                                                                                                
                Number of Options                                  11,185                                          
                Offering Price                                      21.11                                           
                                                                    -----                                           
                Proceeds on exercising options                                              236,115.35                              
                                                                                                
                Tax Effect:                                                                             
                        Options Exercised                          11,185                                          
                        Ave. Market Price (from 7/1 - 8/19)        37.457                                          
                                                                   ------                                          
                        value                                     418,957                                         
                                                                  =======                                            
                        Tax Effect (40.0%)                        167,583                                         
                        Tax Effect of compensation                 94,446                                          
                                                                   ------                                          
                                                                                             73,136.48                           
                                                                                             ---------                           
                                                                                                
        Total Assumed Proceeds                                                              309,251.83                              
                                                                                            ==========                              
                                                                                                
        Repurchase Shares on Market                                                                                     
                Total Assumed Proceeds                                                      309,251.83                              
                Ave. Market Price ( from 7/1 - 8/19)                                            37.457                          
                                                                                                ------                          
                        Number of Shares                                                      8,256.18                         
                                                                                              ========                         
</TABLE>
                                                                             
<PAGE>
<TABLE>
<CAPTION>
                                                                                                
        Incremental Shares Considered to be Outstanding                                                                        
                Granted Options                                                               11,185.00                           
                Repurchase Shares                                                              8,256.18                         
                                                                                               --------                           
                        Incremental Shares                                                     2,928.82           54%      1,592
                                                                                               ========           
                                                                                                
                                                                                                
        Options Remaining:                                                                                      
                                                                                                
       <S>                                                     <C>                      <C>            
             Number of Options, net of cancelled and exercised  2,667,603                                               
             Offering Price                                         22.29                                           
             Proceeds on exercising options                                               59,473,059.86                           
                                                                                                
                Tax Effect:                                                                             
                        Options Remaining                       2,667,603                                               
                        Ave. Market Price (from 7/1 - 9/30)        35.279                                          
                                                                   ------                                          
                        Value                                  94,110,366                                
                                                               ==========                                
                        Tax Effect (40%)                       37,644,146                                              
                        Tax Effect of compensation             23,789,224                                              
                                                               ----------                                              
                                                                                         13,854,922.55                           
                                                                                         -------------                           
                                                                                        
        Total Assumed Proceeds                                                           73,327,982.41                           
                                                                                         =============                           
                                                                                        
        Repurchase Shares on Market                                                                             
                Total Assumed Proceeds                                                   73,327,982.41                           
                Ave. Market Price (from 7/1 - 9/30)                                             35.279                          
                                                                                                ------                          
                        Number of Shares                                                  2,078,516.47                            
                                                                                          ============                            
                                                                                        
        Incremental Shares Considered to be Outstanding                                                                         
                Granted Options                                                          2,667,603.00                            
                Repurchase Shares                                                        2,078,516.47                            
                                                                                         ------------                            
                        Incremental Shares                                                 589,086.53              100%    589,087
                                                                                           ==========              
                                                                                               
                                                                                                
Weighted Average Shares                                                                                                 47,604,683
First quarter income                                                                                                    34,837,000
                                                                                                                        ==========
Primary Earnings Per Share                                                                                                   $0.73
</TABLE>
                                                                            
<PAGE>
<TABLE>
<CAPTION>
                                                                                                
Exhibit 11.1                                                                                            
                                                                                                
ContiFinancial Corporation                                                                                              
2nd quarter EPS calculation                                                                                             
                                                                                                
                Fully Diluted                                                                           
                                                                                                                         Weighted 
                                                                                          # of shares       weighting   Ave. Shares
                                                                                          -----------       ---------   -----------

<S>                                                                                         <C>                  <C>     <C>       
Continental Grain Shares                                                                    35,918,421           100%    35,918,421

Shares Issued in IPO                                                                         7,130,000           100%     7,130,000

Shares Acquired through exercise of options                                                      1,996           100%         1,996

Shares Aquired Through Accelerated Vesting -8/15/96                                              1,996           100%         1,996

Shares Aquired Through Accelerated Vesting -8/15/96                                             53,220           100%        53,220

Shares Aquired Through Accelerated Vesting -11/19/96                                             3,990           100%         3,990

Shares Acquired through exercise of options - 1/23/97                                            5,991           100%         5,991

Shares Acquired through exercise of options - 2/19/97                                            3,395           100%         3,395

Shares Acquired through exercise of options - 4/11/97                                            5,328           100%         5,328

Shares Acquired through exercise of options - 4/30/97                                            5,326           100%         5,326

Shares Acquired through exercise of options - 5/9/97                                             2,995           100%         2,995

Shares Acquired through exercise of options - 8/19/97            19-Aug-97     30-Sep-97        11,185            46%         5,106

Vested Restricted Stock of former Employees                                                      5,328           100%         5,328

Vested Restricted Stock of former Employees                                                      5,321           100%         5,321

Secondary Equity Offering                                                                    3,220,000           100%     3,220,000

Effect of Restricted Shares:
Effect through September 17, 1997
Assumed Proceeds:
Unamortized deferred comp. @ 9/17/97                                                         13,598,862
                                                                                             ----------

                Tax benefit on assumed exercise:                                                                                
                                                                                                
                        Total Restricted Shares                 1,243,168                                                       
                        Higher of Ave. Market Price 
                       (for period) or ending mkt price            35.820                                                  
                                                                   ------                                                  
                        Value                                  44,530,278                                                      
                                                               ==========                                                      
                        Tax Effect (40%)                       17,812,111                                                      
                        Tax Effect of compensation             10,576,911                                                      
                                                               ----------                                                      
                                                                                           7,235,199.90                         
                                                                                           ------------                          
                                                                                                
        Total Assumed Proceeds                                                            20,834,061.83                          
                                                                                          =============                          
                                                                                                
        Repurchase Shares on Market                                                                                     
                Total Assumed Proceeds                                                    20,834,061.83                     
                Market Price (9/30)                                                              35.820                           
                                                                                                 ------                    
                        Number of Shares                                                     581,632.10                      
                                                                                             ==========                          
                                                                                                
        Incremental Shares Considered to be Outstanding                                                                          
                Restricted Shares                                                             1,243,168                          
                Repurchase Shares                                                            581,632.10                         
                                                                                             ----------                        
                        Incremental Shares                                                   661,535.90           86%       568,058 
                                                                                             ==========            
                                                                                                
        Effect September 17, 1997 through September 30, 1997                                                                   
        Assumed Proceeds:                                                                                       
                Unamortized deferred comp. @ 9/30/97                                         13,860,830                        
                                                                                             ----------                        
                                                                                                
                Tax benefit on assumed exercise:                                                                                
                                                                                                
                        Total Restricted Shares                 1,253,168                                                       
                        Higher of Ave. Market Price 
                        (for period) or ending mkt price           32.500                                                  
                                                                   ------                                                  
                        Value                                  40,727,960                                                      
                                                               ==========                                                      
                        Tax Effect (40%)                       16,291,184                                                      
                        Tax Effect of compensation             10,707,161                                                      
                                                               ----------                                                      
                                                                                           5,584,022.80                        
                                                                                           ------------                          
                                                                                                
        Total Assumed Proceeds                                                            19,444,852.75                          
                                                                                          =============                           
                                                                                                
        Repurchase Shares on Market                                                                                     
                Total Assumed Proceeds                                                    19,444,852.75                           
                Market Price (9/30)                                                              32.500                         
                                                                                                 ------                          
                        Number of Shares                                                     598,303.16                         
                                                                                             ==========                         
                                                                                                
        Incremental Shares Considered to be Outstanding                                                                         
                Restricted Shares                                                             1,253,168                       
                Repurchase Shares                                                            598,303.16                  
                                                                                             ----------                    
                        Incremental Shares                                                   654,864.84         14%          92,535
                                                                                             ==========          
                                                                                                
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Effect of Options:                                                                                              
                                                                                                
        Options Exercised:                                                                                      
                                                                                                
        Options Exercised:                                                                                      
                                                                                                

<S>                                                               <C>                                                     
                Number of Options                                 11,185                                                  
                Offering Price                                     21.11                                                   
                                                                   -----                                                   
                Proceeds on exercising options                                              236,115.35                         
                                                                                                
                Tax Effect:                                                                             
                        Options Exercised                         11,185                                                  
                        Price @ exercise
                        date (8/19) or avg (higher of 2)          37.457                                                  
                                                                  ------                                                  
                        Value                                    418,957                                                 
                                                                 =======                                                 
                        Tax Effect (40.0%)                       167,583                                                 
                        Tax Effect of compensation                94,446                                                  
                                                                  ------                                                  
                                                                                            73,136.48                          
                                                                                            ---------                         
                                                                                                
        Total Assumed Proceeds                                                             309,251.83                            
                                                                                           ==========                          
                                                                                                
        Repurchase Shares on Market                                                                                     
                Total Assumed Proceeds                                                     309,251.83                           
                Price @ exercise date (8/19) or avg (higher of 2)                              37.457                             
                                                                                               ------                          
                        Number of Shares                                                     8,256.18                           
                                                                                             ========                           
                                                                                                                                   
                                                                                                
        Incremental Shares Considered to be Outstanding                                                                         
                Granted Options                                                             11,185.00                           
                Repurchase Shares                                                            8,256.18                           
                                                                                             --------                           
                        Incremental Shares                                                   2,928.82             54%         1,592
                                                                                             ========             
                                                                                                
                                                                                                
                                                                                                
                                                                                                
        Options Remaining:                                                                                      
                                                                                                
                Number of Options                              2,667,603                                                       
                Offering Price                                     22.29                                                   
                                                                   -----                                                   
                Proceeds on exercising options                                         59,473,059.86                              
                                                                                                
                Tax Effect:                                                                             
                        Options Remaining                      2,667,603                                                       
                        Higher of Ave. Market Price
                       (for quarter) or ending mkt price          35.279                                                  
                                                                  ------                                                  
                        Estimated value                       94,110,366                                                      
                                                              ==========                                                      
                        Tax Effect (40%)                      37,644,146                                                      
                        Tax Effect of compensation            23,789,224                                                      
                                                              ----------                                                      
                                                                                       13,854,922.55                               
                                                                                       -------------                              
                                                                                                
        Total Assumed Proceeds                                                         73,327,982.41                              
                                                                                       =============                              
                                                                                                
        Repurchase Shares on Market                                                                                     
                Total Assumed Proceeds                                                 73,327,982.41                              
                Higher of Ave. Market Price (for quarter) or ending mkt price                35.279                               
                                                                                             ------                              
                        Number of Shares                                                2,078,516.47                              
                                                                                        ============                              
                                                                                                
        Incremental Shares Considered to be Outstanding                                                                          
                Granted Options                                                         2,667,603.00                              
                Repurchase Shares                                                       2,078,516.47                             
                                                                                        ------------                             
                        Incremental Shares                                                589,086.53      100.00%          589,087 
                                                                                          ==========       
                                                                                                
                                                                                                
Weighted Average Shares                                                                                                 47,619,685 
First quarter income                                                                                                    34,837,000
Fully Dilutive Earnings Per Share                                                                                            $0.73
                                                                                                                             ===== 
</TABLE>