EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE
USA TRUCK, INC.
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<Table>
<Caption>
Three Months Ended Six Months Ended
June 30, June 30,
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2002 2001 2002 2001
Numerator:
Net income (loss) $ 730,149 $ 278,557 $ 804,002 $ (126,352)
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Denominator:
Denominator for basic earnings per share-
Weighted average shares 9,313,158 9,240,270 9,292,138 9,235,174
Effect of dilutive securities - Employee
stock options 50,104 26,256 50,104 --
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Denominator for diluted earnings per share-
Adjusted weighted average and
assumed conversions 9,363,262 9,266,526 9,342,242 9,235,174(1)
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Basic earnings (loss) per share $ .08 $ .03 $ .09 $ (.01)
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Diluted earnings (loss) per share $ .08 $ .03 $ .09 $ (.01)
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</Table>
(1) The effect of all potential common shares is anti-dilutive in the
calculation of diluted loss per share and, therefore, has been excluded
from the calculation.
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