EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ARKANSAS BEST CORPORATION Three Months Ended Six Months Ended June 30 June 30 1995 1994 1995 1994 ($ thousands, except per share data) Primary: Average shares outstanding 19,513,708 19,200,077 19,513,708 19,197,936 Net effect of dilutive stock options -- Based on the treasury stock method using average market price 1,424 0 27,060 106,713 ---------- ---------- ---------- ---------- Average common shares outstanding 19,515,132 19,200,077 19,540,768 19,304,649 ========== ========== ========== ========== Net income $ 1,683 $ (3,408) $ 6,825 $ 2,167 Less: Preferred stock dividend 1,075 1,075 2,149 2,149 ---------- ---------- ---------- ---------- Net income (loss) available for common $ 608 $ (4,483) $ 4,676 $ 18 ========== ========== ========== ========== Per common and common equivalent share: Net income (loss) per common share $ 0.03 $ (0.23) $ 0.24 $ 0.00 ========== ========== ========== ========== <FN> <F1> Fully diluted earnings per common share are not presented, as such calculations would be anti-dilutive. </FN>