EXHIBIT 11
SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARY
Statement Regarding Computation of Per Share Earnings
Three Months Ended Six Months Ended
June30, June30,
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1996 1997 1996 1997
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Primary earnings per share information:
Weighted average number of common
shares outstanding during the period 3,499,293 4,999,293 3,500,487 4,999,293
Annualized additional common
shares due to stock options 3,413 1,999
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3,499,293 5,002,706 3,500,487 5,001,292
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Net Earnings $1,154,000 $1,536,000 $1,668,000 $2,487,000
Primary earnings per common share $ 0.33 $ 0.31 $ 0.48 $ 0.50
Fully diluted earnings per share information: .
Weighted average number of common
shares outstanding during the period 3,499,293 4,999,293 3,500,487 4,999,293
Annualized additional common
shares due to stock options 7,599 4,092
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3,499,293 5,006,892 3,500,487 5,003,385
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Net earnings $1,154,000 $1,536,000 $1,668,000 $2,487,000
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Fully diluted earnings per common share $ 0.33 $ 0.31 $ 0.48 $ 0.50