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 August				Nine Months Ended August
		2000		1999		2000		1999
Numerator for basic and diluted EPS — earnings available to common stockholders		$	824	$	638	$	2,466	$	1,985
Denominator for basic EPS — weighted average number of common shares(1)			481,252,647		474,694,245		483,403,066		474,698,130
Effect of dilutive securities
	Restricted stock units		17,101,019		4,987,721		14,775,882		4,508,530
	Stock options		10,540,979		4,210,711		10,002,524		3,939,451
Dilutive potential common shares			27,641,998		9,198,432		24,778,406		8,447,981
Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares			508,894,645		483,892,677		508,181,472		483,146,111
Basic EPS		$	1.71	$	1.34	$	5.10	$	4.18
Diluted EPS			1.62		1.32		4.85		4.11

(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.