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AIR TRANSPORTATION HOLDING COMPANY, INC. AND SUBSIDIARIES

Exhibit 11.1

Computation for Primary and Fully Diluted Earnings Per Common Share
<CAPTION>

                                                    
                                           Three Months Ended       Six Months Ended
                                              September 30            September 30,
                                            1997        1996        1997        1996
<S>                                     <C>        <C>         <C>        <C>
NET EARNINGS                              $418,640   $128,491    $513,137   $533,850


WEIGHTED AVERAGE COMMON SHARES:

   Primary:
    Weighted average shares outstanding  2,645,653  2,614,433   2,648,543  2,624,933
     Dilutive stock options                136,120    183,878     137,813    183,878
                                         2,781,773  2,798,311   2,786,356  2,808,811
   Fully Diluted:
    Weighted average shares outstanding  2,645,653  2,614,433   2,648,543  2,624,933
     Dilutive stock options                137,199    190,921     138,845    190,921
                                         2,782,852  2,805,354   2,787,388  2,815,854
NET EARNINGS PER COMMON SHARE:

  Primary                                  $0.15      $0.05       $0.18      $0.19

   Fully Diluted                           $0.15      $0.05       $0.18      $0.19
<FN>
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