Exhibit 11.1 Statement regarding computation of earnings per share. The Company
computes earnings per share in accordance with FAS No. 128, Earnings Per Share.
For the year ended December 31, 1997, the Company was required to pay dividends
on its outstanding convertible preferred stock. Such preferred stock was
converted into common stock on June 30, 1997. The preferred dividend
requirements for the period in which the preferred stock was outstanding have
been added to the loss from continuing operations for the period to arrive at
net loss available to common stockholders in calculating basic earnings per
share.The Company has stock options and warrants outstanding which were not
included in the computation of fully diluted earnings per share for December 31,
1997 because to do so would have been anti-dilutive for periods
presented.Computations of basic and diluted earnings per share are set forth
below: Income for EPS Computation
Years ended December 31,
1999 1998 1997
---- ---- ----
Income from continuing operations $ 4,380 $ 11,696 $ 262
Preferred stock dividend requirement (1,420) ---- (385)
------------------ -------------------- ------------------
Income (loss) available to common shareholders 2,960 11,696 (123)
Discontinued operations:
Loss from operations ---- ---- (6,114)
Loss on disposal ---- ---- (5,792)
------------------ -------------------- ------------------
Net income (loss) available to common shareholders $ 2,960 $ 11,696 $ (12,029)
================== ==================== ==================
Weighted-average shares for 1999 calculated as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
January 1 - January 3 23,610,190 3/365 194,056
Redemption of stock on January 4 (384,637)
------------------
January 4 - January 18 23,225,553 15/365 954,475
Issuance of stock on January 19 890,000
------------------
January 19 - February 22 24,115,553 35/365 2,312,450
Issuance of stock on February 23 50,130
------------------
February 23 - March 2 24,165,683 8/365 529,659
Issuance of stock on March 3 1,069,518
------------------
March 3 - March 18 25,235,201 16/365 1,106,201
Issuance of stock on March 19 811,500
------------------
March 19 - April 4 26,046,701 17/365 1,213,134
Redemption of stock on April 5 (29,229)
------------------
April 5 - April 22 26,017,472 18/365 1,283,053
Issuance of stock on April 23 20,823
------------------
April 23 - June 8 26,038,295 47/365 3,352,876
Exercise of stock options on June 9 10,081
------------------
June 9 - June 15 26,048,376 7/365 499,558
Exercise of stock options on June 16 10,000
------------------
June 16 - July 1 26,058,376 16/365 1,142,285
Exercise of stock options on July 2 35,307
------------------
July 2 - July 18 26,093,683 17/365 1,215,322
Issuance of stock on July 19 1,215,000
------------------
July 19 - July 29 27,308,683 11/365 823,001
Issuance of stock on July 30 3,992,501
------------------
July 30 - August 3 31,301,184 5/365 428,783
Exercise of stock options on August 4 14,250
------------------
August 4 - September 26 31,315,434 54/365 4,632,968
Issuance of stock on September 27 510,204
------------------
September 27 - October 1 31,825,638 5/365 435,968
Redemption of stock on October 2 (101,887)
------------------
October 2 - November 3 31,723,751 33/365 2,868,175
Issuance of stock on November 4 100,000
------------------
November 4 - December 31 31,823,751 58/365 5,056,925
================== ---------------------
Weighted Average Shares 28,048,889
=====================
Weighted-average shares for 1998 is calculated as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
January 1 - January 29 20,574,626 29/365 1,634,696
Issuance of common stock on January 30 365,957
------------------
January 30 - April 2 20,940,583 63/365 3,614,402
Retirement of common stock on April 3 (20,833)
------------------
April 3 - May 4 20,919,750 32/365 1,834,060
Issuance of common stock on May 5 1,072,165
------------------
May 5 - June 16 21,991,915 43/365 2,590,828
Issuance of common stock on June 17 878,688
------------------
June 17 - July 5 22,870,603 19/365 1,190,525
Exercise of options on July 6 15,500
------------------
July 6 - July 12 22,886,103 7/365 438,912
Issuance of common stock on July 13 191,491
------------------
July 13 - July 22 23,077,594 10/365 632,263
Exercise of options on July 23 9,900
------------------
July 23 - August 4 23,087,494 13/365 822,294
Issuance of common stock on August 5 178,519
------------------
August 5 - August 10 23,266,013 6/365 382,455
Issuance of common stock on August 11 349,091
------------------
August 11 - September 30 23,615,104 51/365 3,299,645
Retirement of common stock on October 1 (4,914)
------------------
October 1 - December 31 23,610,190 92/365 5,951,062
================== ---------------------
Weighted average shares 22,391,142
=====================
Weighted-average shares for 1997 is calculated as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
January 1 - May 2, 1997 3,758,671 121/365 1,246,025
Issuance of common stock on May 2 3,387,187
--------------------
May 3 - June 29 7,145,858 59/365 1,155,084
Conversion of preferred stock on June 30 4,323,922
--------------------
June 30 - July 9 11,469,780 10/365 314,241
Exercise of stock warrant on July 10 25,000
--------------------
July 10 11,494,780 1/365 31,493
Issuance of common stock on July 11 1,733,000
--------------------
July 11 - August 14 13,227,780 36/365 1,304,658
Issuance of common stock on August 15 1,544,509
--------------------
August 15 - August 28 14,772,289 13/365 526,136
Issuance of common stock on August 29 4,166,666
--------------------
August 29 - September 10 18,938,955 13/365 674,538
Issuance of common stock on September 11 79,856
--------------------
September 11 - December 30 19,018,811 110/365 5,731,696
Issuance of common stock on December 30 679,246
--------------------
December 30 19,698,057 1/365 53,967
Issuance of common stock on December 31 876,569
--------------------
December 31 20,574,626 1/365 56,369
==================== ----------------------
Weighted average shares 11,094,207
======================
The basic EPS computation is as follows:
Years ended December 31,
1999 1998 1997
---- ---- ----
Income (loss) per common share - basic:
Continuing operations $ 0.11 $ 0.52 $ (0.01)
Discontinued operations:
Loss from operations ---- ---- (0.55)
Estimated loss on disposal ---- ---- (0.52)
------------------ --------------- ---------------
Total $ 0.11 $ 0.52 $ (1.08)
================== =============== ===============
Weighted average number of common
Shares outstanding-diluted 28,048,889 22,391,142 11,094,207
================== =============== ===============
The diluted EPS computation is as follows:
Years ended December 31,
1999 1998 1997
---- ---- ----
Income from continuing operations $ 4,380 $ 11,696 $ 262
Preferred stock dividend requirement (1,420) ---- (385)
----------------- ----------------- -----------------
Income available to common shareholders 2,960 11,696 (123)
Discontinued operations:
Loss from operations ---- ---- (6,114)
Loss on disposal ---- ---- (5,792)
----------------- ----------------- -----------------
Net income (loss) available
to common shareholders $ 2,960 $ 11,696 $ (12,029)
================= ================= =================
Weighted average shares: 28,048,889 22,391,142 11,094,207
Plus: Incremental shares from assumed
Warrants and Options 855,200 1,254 ----
----------------- ----------------- -----------------
Adjusted weighted average shares 28,904,089 23,646,073 11,094,207
================= ================= =================
Years ended December 31,
1999 1998 1997
---- ---- ----
Income (loss) per common share - diluted:
Continuing operations $ 0.10 $ 0.49 $ (0.01)
Discontinued operations:
Loss from operations ---- ---- (0.55)
Estimated loss on disposal ---- ---- (0.52)
---------------- --------------- ---------------
Total $ 0.10 $ 0.49 $ (1.08)
================ =============== ===============
Weighted average number of common
shares outstanding-diluted 28,904,089 23,646,073 11,094,207
================ =============== ===============
The equation for computing (basic and diluted) EPS is:
Income available to common stockholders
---------------------------------------------------
Weighted-average shares
The incremental shares from assumed exercise of options and warrants are not
included in computing the diluted per-share amounts for 1997 because the net
income available to shareholders from continuing operations was a loss, not
income.Exhibit 21 List of Subsidiary Corporations of Transit Group, Inc.
Jurisdiction of % of Voting
Name Incorporation Securities Owned
Transit Group, Inc. Florida 100
Subsidiaries:
Bestway Trucking, Inc. Kentucky 100
Carroll Fulmer Group, Inc. Florida 100
Connection One Trucking, LLC Indiana 100
DLS Leasing Inc. Indiana 100
J&L Leasing of Farmington, Inc. New York 100
Land Transportation, LLC Delaware 100
Network Transport, Ltd. Canada 100
Transit Group of Canada, Inc. Canada 100
Transit Group Transportation, LLC Delaware 100
Transit Holdings Company, Inc. Delaware 100
Transit Logistics, LLC Delaware 100