1 EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ARKANSAS BEST CORPORATION THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 1997 1996 1997 1996 ------------ ------------ ------------ ------------ ($ THOUSANDS, EXCEPT PER SHARE DATA) PRIMARY: Average shares outstanding ............... 19,504,473 19,512,367 19,504,473 19,514,453 Net effect of dilutive stock options - Based on the treasury stock method using average market price ........... 65,747 -- 34,048 -- ------------ ------------ ------------ ------------ Average common shares outstanding ........ 19,570,220 19,512,367 19,538,521 19,514,453 ============ ============ ============ ============ Net income (loss) ........................ $ 5,008 $ (8,786) $ 4,691 $ (18,345) Less: Preferred stock dividends .......... 1,075 1,074 2,149 2,149 ------------ ------------ ------------ ------------ Net income (loss) applicable to common shareholders ................. $ 3,933 $ (9,860) $ 2,542 $ (20,494) ============ ============ ============ ============ Per common and common equivalent share: Net income (loss) per common share ..... $ .20 $ (0.51) $ .13 $ (0.51) ============ ============ ============ ============ Fully diluted earnings per common share are not presented, as such calculations would be anti-dilutive.