EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ARKANSAS BEST CORPORATION Three Months Ended March 31 1996 1995 ($ thousands, except per share data) PRIMARY: Average shares outstanding 19,516,539 19,513,708 Net effect of dilutive stock options - Based on the treasury stock method using average market price - 52,696 ---------- ---------- Average common shares outstanding 19,516,539 19,566,404 ========== ========== Net income (loss) $ (9,559) $ 5,142 Less: Preferred stock dividend 1,075 1,075 ---------- ---------- Net income (loss) available for common $ (10,634) $ 4,067 ========== ========== Per common and common equivalent share: Net income (loss) per common share $ (0.54) $ 0.21 ========== ==========