EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE
USA TRUCK, INC.
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<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
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2001 2000 2001 2000
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Numerator:
Net income $ 589,287 $ 512,357 $ 462,935 $1,298,039
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Denominator:
Denominator for basic earnings per share-
Weighted average shares 9,235,520 9,257,973 9,240,333 9,299,393
Effect of dilutive securities - Employee
stock options 41,701 6,143 41,331 6,016
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Denominator for diluted earnings per share-
Adjusted weighted average and
Assumed conversions 9,277,221 9,264,116 9,281,664 9,305,409
========== ========== ========== ==========
Basic earnings per share $ .06 $ .06 $ .05 $ .14
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Diluted earnings per share $ .06 $ .06 $ .05 $ .14
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</Table>