EXHIBIT 11
SMITHWAY MOTOR XPRESS CORP. AND SUBSIDIARY
Statement Regarding Computation of Per Share Earnings
Three Months Ended Nine Months Ended
June 30, June 30,
--------------------- ---------------------
1997 1996 1997 1996
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Primary earnings per share information:
Weighted average number of common
shares outstanding during the
period 5,001,913 4,999,293 5,000,176 4,000,090
Annualized additional common
shares due to stock options 13,897 - 5,965 -
---------- ---------- ---------- ---------
5,015,810 4,999,293 5,006,141 4,000,090
========== ========== ========== ==========
Net Earnings $1,695,000 $1,330,000 $4,181,000 $2,998,000
Primary earnings per common share $ 0.34 $ 0.27 $ 0.84 $ 0.75
Fully diluted earnings per share
information: .
Weighted average number of common
shares outstanding during the
period 5,001,913 4,999,293 5,000,176 4,000,090
Annualized additional common
shares due to stock options 18,082 - 7,360 -
---------- ---------- ---------- ----------
5,019,995 4,999,293 5,007,536 4,000,090
========== ========== ========== ==========
Net earnings $1,695,000 $1,330,000 $4,181,000 $2,998,000
---------- ---------- ---------- ----------
Fully diluted earnings per common
share $ 0.34 $ 0.27 $ 0.83 $ 0.75