EUROPEAN MICRO HOLDINGS, INC.

                                  EXHIBIT 11.01

                 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE


The calculation of earnings per share are detailed in the table below:



                                                          THREE MONTHS ENDED          SIX MONTHS ENDED
                                                             DECEMBER 31,               DECEMBER 31,
EARNINGS                                                    1998      1997            1998        1997
                                                                                  

Net income ($ in thousands)                                 $24       $669            $746      $1,154
                                                            ===       ====            ====      ======
   WEIGHTED AVERAGE NUMBER OF SHARES
Outstanding common stock during the period            4,933,900  4,000,000       4,933,900   4,000,000
                                                      ---------  ---------       ---------   ---------

Effect of dilutive stock options                         17,926          -           8,963           -

Diluted weighted average number of shares             4,951,826  4,000,000       4,942,863   4,000,000
                                                      =========  =========       =========   =========

Basic earnings per share                                  $0.00      $0.17           $0.15       $0.29
                                                      =========  =========       =========   =========

Diluted earnings per share                                $0.00      $0.17           $0.15       $0.29
                                                      =========  =========       =========   =========



During the  three-month  period  ended  December 31,  1998,  the Company  issued
options to purchase 35,000 shares of its common stock at exercise prices ranging
from  $9.1875 to $11.00.  The above  dilutive  earnings  per share  calculations
exclude  the effect of  options to  purchase  20,000  shares of common  stock at
$11.00 per share in the  three-month  period ended December 31, 1998, due to the
fact they were  anti-dilutive.  The year-to-date period ended December 31, 1998,
reflects   only  a  pro-rata   impact  of  all  options  as  such  options  were
anti-dilutive  in the first  quarter of fiscal 1999.  Also see Note 8 related to
contingently  issuable  shares  related  to an  acquisition.  The effect of such
contingent  shares has been excluded from the above dilutive  earnings per share
calculations as the conditions necessary for such contingent shares to be issued
have not been met as of December 31, 1998, and further that no contingent shares
would  have  been  issuable  if  December  31,  1998,  was  also  the end of the
contingency  period.  The  weighted  average  number of shares  used in the 1997
periods reflect a retroactive  adjustment to assume the 4,000,000  shares issued
in  January  1998 in  exchange  for the  shares of  European  Micro UK that were
outstanding for the complete periods in 1997.