diff --git a/gas/ChangeLog b/gas/ChangeLog
index 249070eeda..a5b3c3d665 100644
--- a/gas/ChangeLog
+++ b/gas/ChangeLog
@@ -1,3 +1,8 @@
+2001-05-06  Alexandre Oliva  <aoliva@redhat.com>
+
+	* config/tc-mn10300.c (md_assemble): Subtract operand->shift
+	from offset in non-pcrel operands too.
+
 2001-05-06  Nick Clifton  <nickc@cambridge.redhat.com>
 
 	* config/tc-arm.h (MAX_MEM_FOR_RS_ALIGN_CODE): Define.
diff --git a/gas/config/tc-mn10300.c b/gas/config/tc-mn10300.c
index 00f1c0534c..59e13c7063 100644
--- a/gas/config/tc-mn10300.c
+++ b/gas/config/tc-mn10300.c
@@ -1727,13 +1727,7 @@ keep_going:
 	      /* Is the reloc pc-relative?  */
 	      pcrel = (operand->flags & MN10300_OPERAND_PCREL) != 0;
 
-	      offset = size - reloc_size / 8;
-
-	      /* If the pcrel relocation isn't at the end of the insn,
-		 we have to adjust the offset for the relocation to be
-		 correct.  */
-	      if (pcrel)
-		offset -= operand->shift / 8;
+	      offset = size - (reloc_size + operand->shift) / 8;
 
 	      /* Choose a proper BFD relocation type.  */
 	      if (pcrel)