EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ARKANSAS BEST CORPORATION Three Months Ended Nine Months Ended September 30 September 30 1996 1995 1996 1995 ($ thousands, except per share data) Primary: Average shares outstanding 19,508,620 19,526,200 19,512,509 19,517,872 Net effect of dilutive stock options -- Based on the treasury stock method using average market price - - - - --------- --------- --------- --------- Average common shares outstanding 19,508,620 19,526,200 19,512,509 19,517,872 ========== ========== ========== ========== Net income (loss) $ (8,486) $ (13,128) $ (26,831) $ (6,304) Less: Preferred stock dividend 1,075 1,075 3,224 3,224 ---------- ---------- ---------- ---------- Net income (loss) available for common $ (9,561) $ (14,203) $ (30,055) $ (9,528) ========== ========== ========== ========== Per common and common equivalent share: Net income (loss) per common share $ (0.49) $ (0.73) $ (1.54) $ (0.49) ========== ========== ========== ========== <FN> Fully diluted earnings per common share are not presented, as such calculations would be anti-dilutive. </FN>