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            AIR TRANSPORTATION HOLDING COMPANY, INC. AND SUBSIDIARIES



Exhibit 11.1

Computation of Primary and Fully Diluted Earnings Per Common Share

<CAPTION>
                             Three Months Ended         Six Months Ended
                               September 30,               September 30,   
                                1995       1994           1995        1994
<S>                       <C>          <C>          <C>           <C>
NET EARNINGS              $   300,558    433,225    $   820,107     863,937


                                           
WEIGHTED AVERAGE COMMON SHARES:

  Primary:
    Weighted average shares
       outstanding          2,804,600  2,912,433      2,825,766   2,912,433
    Dilutive stock options    254,051    456,545        255,384     456,545
                            3,058,651  3,368,978      3,081,150   3,368,978
                          

  Fully Diluted:
   Weighted average shares
      outstanding           2,804,600  2,912,433      2,825,766   2,912,433
    Dilutive stock options    258,278    441,556        259,611     441,556
                            3,062,878  3,353,989      3,085,377   3,353,989
                       

EARNINGS PER COMMON SHARE:


  Primary                 $      0.10       0.13    $      0.27        0.26
                        



 Fully Diluted            $      0.10       0.13    $      0.27        0.26
                      


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