EXHIBIT 11.1
TRANSPORT CORPORATION OF AMERICA, INC.
Computation of Earnings per Common Share
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1998 1997 1998 1997
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Net earnings $ 2,214,000 $ 2,074,000 $ 3,514,000 $ 3,062,000
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Average number of common
shares outstanding 6,712,746 6,590,141 6,691,223 6,552,883
Dilutive effect of outstanding stock
options and warrants 72,454 138,293 85,212 179,248
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Average number of common and common
equivalent shares outstanding 6,785,200 6,728,434 6,776,435 6,732,131
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Basic earnings per share $ 0.33 $ 0.31 $ 0.53 $ 0.47
Diluted earnings per share $ 0.33 $ 0.31 $ 0.52 $ 0.45