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                                                                      EXHIBIT 11


                    THE LIBERTY CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED EARNINGS PER SHARE COMPUTATION


<TABLE>
<CAPTION>
                                               Three Months Ended          Nine Months Ended
                                                  September 30               September 30,
                                           --------------------------  --------------------------
                                               1996          1995         1996           1995
                                           -------------  -----------  -----------    -----------
<S>                                        <C>            <C>          <C>            <C>             
                                                                   (Unaudited)                        
PRIMARY SHARES                                                                                        
                                                                                                      
Common shares outstanding - end of period    20,186,351    20,025,013   20,186,351     20,025,013     
                                                                                                      
Weighted average common shares                                                                        
  outstanding                                20,183,661    19,999,651   20,134,707     19,922,201     
                                                                                                      
Weighted average common stock options                                                                 
  outstanding                                   144,040       140,654      145,726        106,785     
                                                                                                      
Preferred stock considered a common                                                                   
  stock equivalent                              599,985       599,985      599,985        468,877     
                                           ------------   -----------  -----------    -----------     
Total primary shares                         20,927,686    20,740,290   20,880,418     20,497,863     
                                           ============   ===========  ===========    ===========     
FULLY DILUTED SHARES                                                                                  
                                                                                                      
Weighted average common shares                                                                        
  outstanding                                20,183,661    19,999,651   20,134,707     19,922,201     
                                                                                                      
Weighted average common stock options                                                                 
  outstanding                                   171,368       170,159      154,854        125,405     
                                                                                                      
Preferred stock considered a common                                                                   
  stock equivalent                              599,985       599,985      599,985        468,877     
                                                                                                      
Assumed conversion of redeemable                                                                      
  preferred stock not considered a common                                                             
  stock equivalent                            1,262,033     1,264,692    1,261,782      1,265,516     
                                           ------------   -----------  -----------    -----------     
Total fully diluted shares                   22,217,047    22,034,487   22,151,328     21,781,999     
                                           ============   ===========  ===========    ===========     
                                                                                                      
NET INCOME                                 $(10,820,000)  $15,218,000  $19,535,000    $41,161,000     
                                                                                                      
Preferred stock dividends on redeemable                                                               
  preferred stock                          $    663,000   $   665,000  $ 1,989,000    $ 1,995,000     
                                           ------------   -----------  -----------    -----------     
Net income available to common shares      $(11,483,000)  $14,553,000  $17,546,000    $39,166,000     
                                           ============   ===========  ===========    ===========     
Primary earnings per share (net income                                                                
  available to common shares divided by                                                               
  total primary shares)                    $      (0.55)  $      0.70  $      0.84    $      1.91     
                                           ============   ===========  ===========    ===========     
Fully diluted earnings per share (net                                                                 
  income divided by total fully diluted                                                               
  shares)                                  $      (0.49)  $      0.69  $      0.88    $      1.89     
                                           ============   ===========  ===========    ===========     
</TABLE>

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