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EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
ARKANSAS BEST CORPORATION
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1997 1996 1997 1996
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($ THOUSANDS, EXCEPT PER SHARE DATA)
PRIMARY:
Average shares outstanding ..................... 19,556,633 19,508,620 19,521,860 19,512,509
Net effect of dilutive stock options -
Based on the treasury stock method
using average market price ................. 491,579 -- 186,558 --
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Average common shares outstanding .............. 20,048,212 19,508,620 19,708,418 19,512,509
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Income (loss) from continuing operations ....... 9,258 (7,655) 16,115 (25,162)
Discontinued operations (loss) ................. (3,456) (831) (5,622) (1,669)
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Net income (loss) .............................. $ 5,802 $ (8,486) $ 10,493 $ (26,831)
Less: Preferred stock dividends ................ 1,075 1,074 3,224 3,224
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Net income (loss) applicable
to common shareholders ....................... $ 4,727 $ (9,560) $ 7,269 $ (30,055)
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Per common and common equivalent share:
Income (loss) from continuing operations
Per common share .......................... $ .41 $ (.45) $ .65 $ (1.45)
Discontinued operations (loss) per common
Share ..................................... (.17) (.04) (.29) (.09)
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Net income (loss) per common share ........... $ . 24 $ (0.49) $ .36 $ (1.54)
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FULLY DILUTED:
Average shares outstanding ..................... 19,556,633 19,508,620 19,521,860 19,514,453
Net effect of dilutive stock options -
Based on the treasury stock method
using closing market price ................. 600,352 -- 600,352 --
Conversion of preferred stock (1) .............. 3,796,852
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Average common shares outstanding .............. 23,953,837 19,508,620 19,708,418 19,512,509
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Income (loss) from continuing operations ....... 9,258 (7,655) 16,115 (25,162)
Discontinued operations (loss) ................. (3,456) (831) (5,622) (1,669)
Net income (loss) .............................. $ 5,802 $ (8,486) $ 10,493 $ (26,831)
Less: Preferred stock dividends ................ -- 1,074 3,224 3,224
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Net income (loss) applicable
to common shareholders (1) ................... $ 5,802 $ (9,560) $ 7,269 $ (30,055)
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Per common and common equivalent share:
Income (loss) from continuing operations
Per common share .......................... $ .39 $ (.45) $ .65 $ (1.45)
Discontinued operations (loss) per common
Share ..................................... (.14) (.04) (.29) (.09)
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Per common and common equivalent share:
Net income (loss) per common share ........... $ .25 $ (0.49) $ .36 $ (1.54)
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(1) Net income applicable to common shareholders for the third quarter of 1997
in the fully diluted calculation includes preferred dividends due to the
assumed conversion. Conversion of outstanding preferred stock into common
would be anti-dilutive for all other periods presented.