EXHIBIT 11
CELADON GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
-------------------------- ------------------------
1997 1996 1997 1996
---- ---- ---- ----
Numerator:
Net income................... $1,513,000 $1,274,000 $3,185,000 $2,171,000
---------- ---------- ---------- ----------
Numerator for basic and
diluted earnings per share... $1,513,000 $1,274,000 $3,185,000 $2,171,000
Denominator:
Denominator for basic earnings
per share-weighted-average shares 7,648,583 7,628,189 7,635,582 7,633,955
Effect of dilutive securities:
Employee stock options....... 99,357 12,960 83,289 6,800
Warrants..................... 3,130 9.889 10,696 6,484
--------- -------- ------- -------
Dilutive potential common shares 102,487 22,849 93,985 13,284
Denominator for diluted earnings
per share-adjusted weighted-
average shares and assumed
conversions.............. 7,751,070 7,651,038 7,729,567 7,647,239
========= ========= ========= =========
Basic earnings per share..... $0.20 $0.17 $0.42 $0.28
===== ===== ===== =====
Diluted earnings per share... $0.20 $0.17 $0.41 $0.28
===== ===== ===== =====