Exhibit 11

              Statement Regarding Computation of Per Share Earnings

                            M.S. Carriers, Inc.


                                               Year ended December 31   
                                               
                                      1995             1994            1993
                                   ____________________________________________
                                                           
Primary          
Weighted average shares and 
  share equivalents outstanding     13,028,562       13,097,586      12,036,386      

Income before cumulative 
  effect of accounting change      $13,151,092      $17,150,484     $13,601,970     

Per share amount before 
  cumulative effect of 
  accounting change                      $1.01            $1.31           $1.13

Net income                         $13,151,092      $17,150,484     $14,101,970     

Per share amount                         $1.01            $1.31           $1.17


Fully Diluted                                               
Weighted average shares and 
  share equivalents outstanding     13,028,562       13,097,586      12,036,386      

Net income                         $13,151,092      $17,150,484     $14,101,970     

Per share amount                         $1.01            $1.31           $1.17 





                                  47