EXHIBIT 11.1

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF PER SHARE EARNINGS

(in millions, except share and per share amounts)

		Three Months Ended May				Six Months Ended May
		2000		1999		2000		1999
Numerator for basic and diluted EPS — earnings available to common stockholders		$	755	$	340	$	1,642	$	1,347
Denominator for basic EPS — weighted average number of common shares(1)			484,380,052		474,712,271		484,478,275		474,712,271
Effect of dilutive securities
	Restricted stock units		15,262,410		2,432,037		13,613,313		2,432,037
	Stock options		10,620,265		2,763,993		9,733,297		2,763,993
Dilutive potential common shares			25,882,675		5,196,030		23,346,610		5,196,030
Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares			510,262,727		479,908,301		507,824,885		479,908,301
Basic EPS		$	1.56	$	0.72	$	3.39	$	2.84
Diluted EPS			1.48		0.71		3.23		2.81

(1)  Includes common stock and nonvoting common stock as well as restricted stock units awarded to employees for which no future service is required as a condition to the delivery of the underlying shares of common stock.