1 Exhibit 11.1 The J.H. Heafner Company, Inc. Computation of Earnings Per Share (Unaudited) Six months ended Year ended December 31, ------------------------------- -------------------------------------- June 30, 1998 June 30, 1997 1997 1996 1995 Average shares outstanding during the period 3,992,262 5,781,652 4,736,501 6,826,976 6,826,976 Incremental shares under stock options and warrants computed under the treasury stock method using the average market price of issuer's stock during the period 1,228,236 301,688 663,144 -- -- ----------- ----------- ---------- --------- --------- Total shares for diluted EPS 5,220,498 6,083,640 5,399,645 6,826,976 6,826,976 =========== =========== ========== ========= ========= Income applicable to common shareholders: Loss from operations before extraordinary charge (1,276,135) Less: Preferred stock dividends (140,000) ------------ $(1,416,135) -- -- -- -- =========== Net (loss) income (3,474,407) (66,535) (13,599) 612,133 364,513 Less: Preferred stock dividends (140,000) (41,222) (181,222) - - ----------- --------- --------- ------- ------- $(3,614,407) $ (107,757) $ (194,821) $612,133 $364,513 =========== ========= ========== ======== ======== (Loss) income per basic common share: Loss from operations before extraordinary charge $ (0.36) -- -- -- -- =========== Net (loss) income $ (0.91) $ (0.02) $ (0.04) $ 0.09 $ 0.05 =========== ========== =========== =========== ========== Income per diluted share Income (loss) from operations before extraordinary charge $ (0.27) -- -- -- -- =========== Net (loss) income $ (0.69) $ (0.02) $ (0.04) $ 0.09 $ 0.05 =========== ========== =========== =========== ==========