TRANSPORT CORPORATION OF AMERICA, INC.
EXHIBIT 11.1
Computation of Earnings (Loss) per Common Share
(In thousands, except share and per share amounts)
THREE MONTHS ENDED DECEMBER 31,
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2000 1999 1998
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Net earnings (loss) $ 849 $ (406) $ 3,202
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Average number of common
shares outstanding 7,177,955 7,114,456 6,702,275
Average number of common shares outstanding,
non-detachable put 1,117,337 1,200,000 1,200,000
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Average number of common shares outstanding,
including non-detachable put 8,295,292 8,314,456 7,902,275
Dilutive effect of outstanding stock
options and warrants 292 0 33,874
Dilutive effect of non-detachable put option 2,640,493 0 472,001
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Average number of common and common
equivalent shares outstanding 10,936,077 8,314,456 8,408,150
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Basic earnings (loss) per share $ 0.10 $ (0.05) $ 0.41
Diluted earnings (loss) per share $ 0.08 $ (0.05) $ 0.38
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YEARS ENDED DECEMBER 31,
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2000 1999 1998
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Net earnings $ 4,673 $ 8,276 $ 10,656
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Average number of common
shares outstanding 7,171,589 6,942,481 6,699,833
Average number of common shares outstanding,
attributable to non-detachable put 1,145,533 1,200,000 600,000
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Average number of common shares outstanding,
including non-detachable put 8,317,122 8,142,481 7,299,833
Dilutive effect of outstanding stock
options and warrants 12,139 29,461 63,367
Dilutive effect of non-detachable put option 1,739,746 398,507 157,334
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Average number of common and common
equivalent shares outstanding 10,069,007 8,570,449 7,520,534
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Basic earnings per share $ 0.56 $ 1.02 $ 1.46
Diluted earnings per share $ 0.46 $ 0.97 $ 1.42
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