
                BUSINESS RECORDS CORPORATION HOLDING COMPANY
                     COMPUTATION OF EARNINGS PER SHARE
                                EXHIBIT 11

                                              Three Months Ended March 31,
                                                  1995            1994    
Primary:

Net income . . . . . . . . . . . . . . .       $2,712,000      $2,724,000 
                                       
Weighted average number of shares      
 outstanding . . . . . . . . . . . . . .        6,058,000       5,205,000 
Additional weighted average                                                  
 shares from assumed exercise of                                             
 dilutive stock options, net of                                             
 shares assumed to be repurchased                                        
 with proceeds at average market                                          
 price during the period . . . . . . . .          186,000         365,000 
                                                6,244,000       5,570,000 
                                                                          
Primary earnings per share . . . . . . .       $      .43      $      .49
                                       
                                       
Assuming full dilution:
                                       
Net income . . . . . . . . . . . . . . .       $2,712,000      $2,724,000 
                                       
Add interest expense on                
 convertible notes and                 
 debentures, net of tax. . . . . . . . .           20,000         131,000 
     Adjusted net income . . . . . . . .       $2,732,000      $2,855,000 
                                       
Weighted average number of             
 shares outstanding. . . . . . . . . . .        6,058,000       5,205,000 
Additional weighted average                                             
 shares from assumed exercise of                                         
 dilutive stock options, net of                                         
 shares assumed to be repurchased                                       
 with proceeds at the greater of                                         
 average market price during the                                            
 period or period end market price . . .          186,000         365,000 
Additional weighted average shares     
 from assumed conversion of notes      
 and conversion of debentures. . . . . .           95,000         642,000 
                                                6,339,000       6,212,000 
                                       
Fully diluted earnings per share . . . .       $      .43      $      .46 


