EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
ARKANSAS BEST CORPORATION
Three Months Ended Six Months Ended
June 30 June 30
1994 1993 1994 1993
($ thousands, except per share data)
PRIMARY:
Average shares
outstanding 19,200,077 19,125,633 19,197,936 19,092,053
Net effect of dilutive
stock options --
Based on the treasury
stock method using
average market price - 1,431 106,713 68,777
---------- ---------- ---------- ----------
Average common shares
outstanding 19,200,077 19,127,064 19,304,649 19,160,830
========== ========== ========== ==========
Income before extra-
ordinary item $ (3,408) $ 4,431 $ 2,167 $ 6,593
Less: Preferred stock
dividend 1,075 1,075 2,149 1,755
---------- ---------- ---------- ----------
(4,483) 3,356 18 4,838
Extraordinary item:
Loss on extinguishment
of debt - (162) - (329)
---------- ---------- ---------- ----------
Net income (loss)
available for common $ (4,483) $ 3,194 $ 18 $ 4,509
========== ========== ========== ==========
Per common and common
equivalent share:
Income (loss) before
extraordinary item $ (0.23) $ 0.18 $ - $ 0.25
Extraordinary item:
Loss on extinguish-
ment of debt - (0.01) - (0.01)
---------- ---------- ---------- ----------
Net income (loss)
per common share $ (0.23) $ 0.17 $ - $ 0.24
========== ========== ========== ==========
<FN>
<F1>
Fully-diluted earnings per share are not presented, as such calculations
would be anti-dilutive.