EXHIBIT 11
SWIFT TRANSPORTATION CO., INC. & SUBSIDIARIES
Schedule of Computation of Net Earnings Per Share
(in thousands, except per share amounts)
Three months
ended March 31,
1997 1996
------- -------
Net earnings $ 6,231 $ 2,571
======= =======
Weighted average shares:
Common shares outstanding 27,945 24,658
Common equivalent shares issuable
upon exercise of employee stock
options (1) 708 751
------- -------
Total weighted average shares
- primary 28,653 25,409
Incremental common equivalent
shares (calculated using the higher
of the end of period or average
fair market value (2)
------- -------
Total weighted average shares -
fully diluted 28,653 25,409
======= =======
Net earnings per common
and equivalent share $ .22 $ .10
======= =======
Net earnings per common share -
assuming full dilution $ .22 $ .10
======= =======
Notes:
(1) Amount calculated using the treasury stock method and average fair market
values.
(2) The calculation is submitted in accordance with Regulation S-K Item 601(b)
(11) although not required by footnote 2 to paragraph 14 of APB Opinion No.
15 because it results in dilution of less than 3%.
16