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EXHIBIT 11
CAROLINA FREIGHT CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Year Ended December 31
----------------------
1994 1993 1992
---- ---- ----
Primary:
Earnings:
Income $ 6,777,533 $ (4,161,587) $ 3,648,346
Deduct dividends on preferred
shares (88,448) (88,448) (88,448)
--------------- --------------- ---------------
Income applicable to common stock $ 6,689,085 $ (4,250,035) $ 3,559,898
=============== =============== ===============
Shares:
Weighted average number of common
shares outstanding 6,561,672 6,561,672 6,561,634
=============== =============== ===============
Primary earnings per common share:
Net income $ 1.02 $ (0.65) $ 0.54
=============== =============== ===============
Assuming full dilution:
Earnings:
Net income $ 6,777,533 $ (4,161,587) $ 3,648,346
Deduct dividends on preferred
shares (88,448) (88,448) (88,448)
Add after tax expense applicable
to 6.25% convertible debentures 1,685,743 2,440,332 1,955,372
--------------- --------------- ---------------
Net income $ 8,374,828 $ (1,809,703) $ 5,515,270
=============== =============== ===============
Shares:
Weighted average number of common
shares outstanding 6,564,606 6,561,672 6,561,634
Assuming conversion of 6.25% convertible
debentures 1,052,505 1,052,505 1,052,505
--------------- --------------- ---------------
Weighted average number of common
shares outstanding as adjusted 7,617,111 7,614,177 7,614,139
=============== =============== ===============
Earnings per common share assuming
full dilution (see note):
Net income $ 1.10 $ (0.24) 0.72
=============== =============== ===============
The calculation of fully diluted earnings per share for 1994, 1993 and 1992 is
submitted in accordance with Securities Exchange Act of 1934 Release No. 9083
although it is contrary to paragraph 40 of APB Opinion No. 15 because it
produces an anti-dilutive result.