EXHIBIT 11.1
                              AMCON Distributing Company
                     Statement of Computation of Per Share Earnings
           For the three months and six months ended March 31, 1997 and 1996




                                           Three months ended         Six 
months ended
                                                March 31,                 
March 31,
                                            1997         1996          
1997         1996
                                         ---------    ---------     
- ----------    ---------
                                                              
           
1.  Weighted average common
     shares outstanding                  2,450,000    2,450,000      
2,450,000    2,450,000

2.  Weighted average treasury
     shares outstanding                     (4,097)      (4,097)        
(4,097)      (4,097)

3.  Weighted average of net 
     additional shares outstanding
     assuming dilutive warrants 
     exercised and proceeds used
     to purchase treasury stock              5,626        16,729          
4,177       18,357
                                         ---------     ---------      
- ---------    ---------

4.  Weighted average number of 
     common and common equivalent 
     shares outstanding                  2,451,529     2,462,632      
2,450,080    2,464,260
                                         =========     =========      
=========    =========

5.  Net income                           $ 131,573     $ (68,871)    
$1,108,540    $ 256,271 

    Accretion of preferred stock                 -       (25,000)             
- -      (50,000)
                                         ---------     ---------     
- ----------    ---------
                               
    Net income attributable to
      common shareholders                $ 131,573     $ (93,871)    
$1,108,540    $ 206,271
                                         =========     =========     
==========    =========
 
6.  Earnings per common and
      common equivalent share 
      attributable to common
      shareholders                       $    0.05     $   (0.04)    $     
0.45    $    0.08
                                         =========     =========     
=========   ========