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                                                                    EXHIBIT 11.1

             UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES

                 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE


<TABLE>
<CAPTION>
                                                                                   Year Ended December 31,                   
                                                                     ----------------------------------------------------    
                                                                        1995                 1994                1993        
                                                                     -----------          ----------          -----------    
                                                                           (in thousands, except per share amounts)          
<S>                                                                  <C>                 <C>                                 
Primary Earnings Per Share                                                                                                   
     Income available to common shareholders:                                                                                
     Income from continuing operations............................   $   72,959           $  54,582           $   28,317     
     Less: Loss from discontinued operations......................       (3,491)             (5,048)             (16,742)    
                                                                     -----------          ----------          -----------    
                                                                                                                             
     Net income...................................................       69,468              49,534               11,575     
     Less:  Dividends on preferred stock..........................          -                   -                   (333)    
                                                                     -----------          ----------          -----------    
                                                                                                                             
     Total........................................................   $   69,468           $  49,534           $   11,242     
                                                                     ===========          ==========          ==========
                                                                                                                             
     Weighted average number of common and common equivalent shares:                                                      
     Average common shares outstanding............................       27,854              27,298               21,304     
     Add:  Dilutive effect of stock options after                                                                            
             application of treasury stock method.................          895               1,192                  904     
           Dilutive effect of preferred stock                                                                                
             after application of "if converted" method...........        1,752                 -                    -       
                                                                     -----------          ----------          -----------    
                                                                         30,501              28,490               22,208     
                                                                     ===========          ==========          ==========

     Earnings (loss) per share:                                                                                              
     Income from continuing operations............................   $     2.39           $    1.92           $     1.26     
     Loss from discontinued operations............................         (.11)               (.18)                (.75)    
                                                                     -----------          ----------          -----------    
                                                                                                                             
     Total........................................................   $     2.28           $    1.74           $      .51     
                                                                     ===========          ==========          ==========
                                                                                                                             
Fully Diluted Earnings Per Share                                                                                             
     Income available to common shareholders:                                                                                
     Income from continuing operations............................   $   72,959           $  54,582           $   28,317     
     Less: Loss from discontinued operations......................       (3,491)             (5,048)             (16,742)    
                                                                     -----------          ----------          -----------    

     Total........................................................   $   69,468           $  49,534           $   11,575     
                                                                     ===========          ==========          ==========
                                                                                                                             
     Weighted average number of common and all dilutive contingent 
     shares:                                                
     Average common shares outstanding............................       27,854              27,298               21,304    
     Add:  Dilutive effect of stock options after                                                                            
             application of treasury stock method.................          928               1,192                1,374    
           Dilutive effect of preferred stock                                                                                
             after application of "if converted" method...........        2,121                 -                  1,028     
                                                                     -----------          ----------          -----------    
                                                                         30,903              28,490               23,706     
                                                                     ===========          ==========          ==========
     Earnings (loss) per share:                                                                                              
     Income from continuing operations............................   $     2.36           $    1.92           $     1.20     
     Loss from discontinued operations............................         (.11)               (.18)                (.71)    
                                                                     -----------          ----------          -----------    

     Total........................................................   $     2.25           $    1.74           $      .49     
                                                                     ===========          ==========          ==========
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