EXHIBIT 2

                              BULL RUN CORPORATION
                        COMPUTATION OF EARNINGS PER SHARE
           (Dollars and shares in thousands, except per share amounts)

<TABLE>
<CAPTION>


                                                              Three Months Ended          Nine Months Ended
                                                                 September 30                September 30
                                                              1996       1995             1996       1995
                                                              ----       ----             ----       ----

<S>                                                          <C>          <C>            <C>          <C>       
Primary:
     Income before cumulative effect of
       accounting change and extraordinary item              $ 5,480      $   27         $ 5,821      $  671
     Cumulative effect of accounting change                                                 (274)
     Extraordinary item                                         (295)                       (295)        
                                                              ------        ----          ------        ----
     Net income                                              $ 5,185      $   27         $ 5,252      $  671
                                                              ======        ====          ======        ====

Primary shares:
     Weighted average number of shares
       outstanding                                            21,971      22,099          22,058      22,120
     Assuming exercise of options                                880       1,260             960       1,121
                                                             -------      ------         -------      ------
     Weighted average number of shares
       outstanding, as adjusted                               22,851      23,359          23,018      23,241
                                                              ======      ======          ======      ======

Primary earnings per share:
     Income before cumulative effect of
       accounting change and extraordinary item               $  .24      $  .00         $   .25      $  .03
     Cumulative effect of accounting change                                                 (.01)
     Extraordinary item                                         (.01)                       (.01)       
                                                                ----        ----            ----      ----
     Net income                                               $  .23      $  .00         $   .23      $  .03
                                                                ====        ====            ====        ====

Assuming Full Dilution:
     Income before cumulative effect of
       accounting change and extraordinary item              $ 5,480      $   27         $ 5,821      $  671
     Cumulative effect of accounting change                                                 (274)
     Extraordinary item                                         (295)                     (295)       
                                                              ------       -----         ------        -----
     Net income                                              $ 5,185      $   27         $ 5,252      $  671
                                                              ======       =====          ======       =====

Fully diluted shares:
     Weighted average number of shares
       outstanding                                            21,971      22,099          22,058      22,120
     Assuming exercise of options                                880       1,287             960       1,288
                                                             -------      ------          ------      ------
     Weighted average number of shares
       outstanding, as adjusted                               22,851      23,386          23,018      23,408
                                                              ======      ======          ======      ======

Fully diluted earnings per share:
     Income before cumulative effect of
       accounting change and extraordinary item               $  .24      $  .00         $   .25      $  .03
     Cumulative effect of accounting change                                                 (.01)
     Extraordinary item                                         (.01)                       (.01)       
                                                                ----        ----            ----        ----
     Net income                                               $  .23      $  .00         $   .23      $  .03
                                                                ====        ====            ====        ====
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