1 Exhibit 11 Heafner Tire Group, Inc. Computation of Earnings Per Share (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED --------------------------------------- --------------------------------------- SEPTEMBER 30, 1999 SEPTEMBER 30, 1998 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998 ------------------ ------------------ ------------------ ------------------ Average shares outstanding during the period 5,286,917 5,091,667 5,177,962 4,358,731 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 -- 1,238,176 -- -- -------------- -------------- -------------- ------------- Total shares for diluted EPS 5,286,917 6,329,843 5,177,962 4,358,731 ============== ============== ============== ============= Income applicable to common shareholders: Loss from operations before extraordinary charge (1,227,000) Net income (loss) (2,033,000) 211,000 (3,024,000) (3,425,000) (Loss) income per basic common share: Loss from operations before extraordinary charge $ -- $ -- $ -- $ (0.28) ============== ============== ============== ============= Net income (loss) $ (0.38) $ 0.04 $ (0.58) $ (0.79) ============== ============== ============== ============= Income (loss) per diluted share: Loss from operations before extraordinary charge $ -- $ -- $ -- $ (0.28) ============== ============== ============== ============= Net income (loss) $ (0.38) $ 0.03 $ (0.58) $ (0.79) ============== ============== ============== =============