Exhibit 11

            Statement Regarding Computation of Per Share Earnings
                                    
                             M.S. Carriers, Inc.
                                    

                                               Year ended December 31   
                                               
                                       1994             1993            1992
                                                           
Primary          

Weighted average shares and 
share equivalents outstanding       13,097,586       12,036,386      10,913,012

Income before cumulative 
effect of accounting change        $17,150,484      $13,601,970     $10,574,172

Per share amount before 
cumulative effect of 
accounting change                     $1.31            $1.13            $.97

Net income                         $17,150,484      $14,101,970     $10,574,172

Per share amount                      $1.31            $1.17            $.97


Fully Diluted                                               

Weighted average shares and 
share equivalents outstanding       13,097,586       12,036,386      10,913,012

Net income                         $17,150,484      $14,101,970     $10,574,172

Per share amount                      $1.31            $1.17            $.97