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                                                                  EXHIBIT 11(ii)

                           EAGLE USA AIRFREIGHT, INC.
                        COMPUTATION OF PER SHARE EARNINGS
                                   (UNAUDITED)
              (IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)




                                                          THREE MONTHS ENDED
                                                               MARCH 31,
                                                        -----------------------
                                                           1998         1997
                                                        ----------   ----------
                                                                      
         Net income                                     $    3,989   $    2,948

         Shares used in basic calculation:
           Weighted average shares outstanding              18,580       17,717
                                                        ----------   ----------
                  Total basic shares                        18,580       17,717

         Additional shares for diluted computation:
            Effect of stock options (1)                        681          926
                                                        ----------   ----------
                  Total diluted shares                      19,261       18,643
                                                        ==========   ==========

         Basic earnings per share                       $     0.21   $     0.17
                                                        ==========   ==========

         Diluted earnings per share                     $     0.21   $     0.16
                                                        ==========   ==========



- ----------
(1)      For the three months ended March 31, 1998, calculated assuming exercise
         of options for 3,152,111 shares of common stock at prices ranging from
         $1.25 to $35.13 per share and assumed repurchase of shares at the
         average market price of $28.53 computed as of the beginning of the
         period. For the three months ended March 31, 1997, calculated assuming
         exercise of options for 2,261,878 shares of common stock at prices
         ranging from $1.25 to $30.63 per share and assumed repurchase of shares
         at the average market price per share of $28.49 as of the beginning of
         the period.




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