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EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
USA TRUCK, INC.
<Table>
<Caption>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Numerator:
Net income $ 1,853,054 $ 730,149 $ 704,751 $ 804,002
============ ============ ============ ============
Denominator:
Denominator for basic earnings per share-
Weighted average shares 9,326,899 9,313,158 9,322,583 9,292,138
Effect of dilutive securities - Employee
Stock options 24,954 50,104 21,639 50,104
------------ ------------ ------------ ------------
Denominator for diluted earnings per share-
Adjusted weighted average and
Assumed conversions 9,351,853 9,362,170 9,344,222 9,342,242
============ ============ ============ ============
Basic earnings per share $ 0.20 $ 0.08 $ 0.08 $ 0.09
============ ============ ============ ============
Diluted earnings per share $ 0.20 $ 0.08 $ 0.08 $ 0.09
============ ============ ============ ============
</Table>