EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS 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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2002 2001 2002 2001
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Numerator:
Net income $ 1,271,086 $ 589,287 $ 2,075,088 $ 462,935
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Denominator:
Denominator for basic earnings per share-
Weighted average shares 9,315,007 9,235,520 9,297,587 9,240,333
Effect of dilutive securities - Employee
stock options 44,055 41,701 44,055 41,331
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Denominator for diluted earnings per share-
Adjusted weighted average and
assumed conversions 9,359,062 9,277,221 9,341,642 9,281,664
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Basic earnings per share $ .14 $ .06 $ .22 $ .05
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Diluted earnings per share $ .14 $ .06 $ .22 $ .05
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</Table>