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EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
USA TRUCK, INC.
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<Table>
<Caption>
Three Months Ended
March 31,
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2003 2002
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Numerator:
Net (loss) income $ (1,148,303) $ 73,853
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Denominator:
Denominator for basic earnings per share-
Weighted average shares 9,320,632 9,281,856
Effect of dilutive securities - Employee
Stock options -- 52,116
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Denominator for diluted earnings per share-
Adjusted weighted average and
Assumed conversions 9,320,632 9,333,972
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Basic earnings per share $ (0.12) $ 0.01
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Diluted earnings per share $ (0.12) $ 0.01
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</Table>