1 EXHIBIT 11 THE J.H. HEAFNER COMPANY, INC. COMPUTATION OF EARNINGS PER SHARE (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED ---------------------------- ---------------------------- JULY 1, 2000 JUNE 30, 1999 JULY 1, 2000 JUNE 30, 1999 ------------ ------------- ------------ ------------- Average shares outstanding during the period................................... 5,286,917 5,163,414 5,286,917 5,125,541 Incremental shares under stock options and warrants computed under the treasury stock method using the average market price of issuer's stock during the period................................... -- 1,211,649 -- -- ----------- ---------- ----------- ---------- Total shares for diluted EPS..... 5,286,917 6,375,063 5,286,917 5,125,541 =========== ========== =========== ========== Income applicable to common shareholders: Net income (loss)........................ (2,955,000) 203,000 (5,866,000) (990,000) (Loss) income per basic common share: Net income (loss)........................ $ (0.56) $ 0.04 $ (1.11) $ (0.19) =========== ========== =========== ========== Income (loss) per diluted share: Net income (loss)........................ $ (0.56) $ 0.03 $ (1.11) $ (0.19) =========== ========== =========== ==========