Exhibit 11.1
TRANSPORT CORPORATION OF AMERICA, INC.
Computation of Earnings per Common Share
Three months ended
March 31,
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1998 1997
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Net earnings $ 1,300,000 $ 988,000
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Average number of common
shares outstanding 6,669,700 6,515,624
Dilutive effect of outstanding stock
options and warrants 97,971 220,204
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Average number of common and common
equivalent shares outstanding 6,767,671 6,735,828
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Basic earnings per share $ 0.19 $ 0.15
Diluted earnings per share $ 0.19 $ 0.15