EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ARKANSAS BEST CORPORATION Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 (Thousands, except per share data) PRIMARY: Average shares outstanding 19,526 19,201 19,518 19,199 Net effect of dilutive stock options -- Based on the treasury stock method using average market price 23 105 26 106 ---------- ---------- ---------- ---------- Average common shares outstanding 19,549 19,306 19,544 19,305 ========== ========== ========== ========== Net Income $ (13,128) $ 9,201 $ (6,304) $ 11,368 Less: Preferred stock dividend 1,075 1,075 3,224 3,224 ---------- ---------- ---------- ---------- Net income (loss) available for common $ (14,203) $ 8,126 $ (9,528) $ 8,144 ========== ========== ========== ========== Per common and common equivalent share: Net income (loss) per common share $ (0.73) $ 0.42 $ (0.49) $ 0.42 ========== ========== ========== ========== Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 (Thousands, except per share data) FULLY-DILUTED: Average shares outstanding 19,526 19,201 19,518 19,199 Net effect of dilutive stock options -- Based on the treasury stock method using ending market price 23 140 26 106 Assumed conversion of preferred stock - 3,797 - - ---------- ---------- ---------- ---------- Average common shares outstanding 19,549 23,138 19,544 19,305 ========== ========== ========== ========== Net Income $ (13,128) $ 9,201 $ (6,304) $ 11,368 Less: Preferred stock dividend 1,075 - 3,224 3,224 ---------- ---------- ---------- ---------- Net income (loss) available for common $ (14,203) $ 9,201 $ (9,528) $ 8,144 ========== ========== ========== ========== Per common and common equivalent share: Net income (loss) per common share $ (0.73) $ 0.40 $ (0.49) $ 0.42 ========== ========== ========== ==========