1 EXHIBIT 11.1 The J.H. Heafner Company, Inc. Computation of Earnings Per Share (Unaudited) Year ended December 31, ---------------------------------------------------------- 1998 1997 1996 ----- ---- ---- Average shares outstanding during the period 6,062,322 4,736,501 6,826,976 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 1,187,929 663,144 - ----------------- ----------------- --------------- Total shares for diluted EPS 7,250,251 5,399,645 6,826,976 ================= ================= =============== Income applicable to common shareholders: Loss from operations before extraordinary charge $ (2,508,000) - - ================= Net income (loss) - $ (4,724,000) $ (14,000) $ 612,000 ================= ================= =============== (Loss) income per basic common share: Loss from operations before extraordinary charge (0.41) - - Net income (loss) $ (0.78) $ (0.00) $ 0.09 ================= ================= =============== Income (loss) per diluted share: Loss from operations before extraordinary charge (0.35) - - Net income (loss) $ (0.65) $ (0.00) $ 0.09 ================= ================= ===============