EXHIBIT 11
CELADON GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30,
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1996 1995
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PRIMARY:
Weighted average shares issued............................... 7,750,580 7,948,819
Weighted average shares in treasury.......................... (110,858) ---
Dilutive effect of options and warrants using the average
market price under the treasury stock method............... 3,719 88,556
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Shares used to compute primary earnings per share............ 7,643,441 8,037,375
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Net income attributable to common stockholders.................... $890,396 $616,409
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Net income per common share....................................... $0.12 $0.08
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FULLY DILUTED:
Shares used to compute primary earnings per share............ 7,643,441 8,037,375
Incremental dilutive effect of options and warrants
using the period end price under the treasury
stock method............................................... 10,867 ---
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Shares used to compute fully diluted earnings per share 7,654,308 8,037,375
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Net income attributable to common stockholders.................... $890,396 $616,409
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Net income per common share....................................... $0.12 $0.08
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