1 Exhibit 11 The J.H. Heafner Company, Inc. Computation of Earnings Per Share (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED ----------------------------- ------------------------------ JUNE 30, 1999 JUNE 30, 1998 JUNE 30, 1999 JUNE 30, 1998 ------------- ------------- ------------- ------------- Average shares outstanding during the period 5,163,414 4,310,631 5,125,541 3,995,816 Incremental shares under stock options and warrants computed under the treasury stock method using the average market 1,211,649 1,210,795 1,211,649 1,210,795 price of issuer's stock during the period ---------- ----------- ----------- ----------- Total shares for diluted EPS 6,375,063 5,521,426 6,337,189 5,206,610 ========== =========== ========== =========== Income applicable to common shareholders: Loss from operations before extraordinary charge (975,000) (1,438,000) Net income (loss) 203,000 (3,173,000) (990,000) (3,636,000) (Loss) income per basic common share: Loss from operations before extraordinary charge $ -- $ (0.23) $ -- $ (0.36) ========== =========== ========== =========== Net income (loss) $ 0.04 $ (0.74) $ (0.19) $ (0.91) ========== =========== ========== =========== Income (loss) per diluted share: Loss from operations before extraordinary charge $ -- $ (0.18) $ -- $ (0.28) ========== =========== ========== =========== Net income (loss) $ 0.03 $ (0.57) $ (0.16) $ (0.70) ========== =========== ========== ===========