Exhibit 11



             AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE
                                   (Unaudited)


(In thousands, except
 per share amounts)

                                Three Months Ended        Six Months Ended
                                     June 30,                  June 30,
                                1999        1998          1999        1998

                                                       
Net income applicable to
 common shares .............   $12,709   $13,661         $26,333   $23,391

Earnings per share:
 Basic .....................   $   .38   $   .39         $   .78   $   .67
 Diluted ...................   $   .38   $   .39         $   .78   $   .66

Common share and common
 share equivalents:

  Weighted average of common
   shares outstanding ......    33,429    34,753          33,584    34,694

  Basic shares .............    33,429    34,753          33,584    34,694
  Common share equivalents
  (stock options) ..........       421       590             335       635
  Diluted equivalent shares     33,850    35,343          33,919    35,329

<FN>

  Basic  earnings  per share is computed by dividing  net income by the weighted
  average  common shares  outstanding  during the period.  Diluted  earnings per
  share is  computed by dividing  net income by the  weighted  average of common
  shares and common share equivalents outstanding during the period.
</FN>