EXHIBIT 11.1
TRANSPORT CORPORATION OF AMERICA, INC.
Computation of Earnings per Common Share
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1998 1997 1998 1997
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Net earnings $ 3,940,000 $ 2,389,000 $ 7,454,000 $ 5,451,000
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Average number of common
shares outstanding 6,714,611 6,578,579 6,699,019 6,561,448
Average number of common shares outstanding,
non-detachable put 1,200,000 0 400,000 0
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Average number of common shares outstanding,
including non-detachable put 7,914,611 6,578,579 7,099,019 6,561,448
Dilutive effect of outstanding stock
options, warrants and non-detachable put 310,661 149,910 160,362 169,469
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Average number of common and common
equivalent shares outstanding 8,225,272 6,728,489 7,259,381 6,730,917
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Basic earnings per share $ 0.50 $ 0.36 $ 1.05 $ 0.83
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Diluted earnings per share $ 0.48 $ 0.36 $ 1.03 $ 0.81
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