
<TABLE>
AIR TRANSPORTATION HOLDING COMPANY, INC. AND SUBSIDIARIES

Exhibit 11.1

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

                                                    
                                           Three Months Ended      Nine Months Ended
                                              December  31            December  31,
                                            1997        1996        1997        1996
<S>                                      <C>        <C>         <C>        <C>
NET EARNINGS                              $892,516   $304,580  $1,405,653   $838,430


WEIGHTED AVERAGE COMMON SHARES:

   Basic:
    Weighted average shares
       outstanding                       2,650,653  2,611,100   2,649,246  2,620,322
   
   Diluted:
    Weighted average shares
       outstanding                       2,650,653  2,611,100   2,649,246  2,620,322
     Dilutive stock options                129,739    182,877     135,165    182,877
                                         2,780,392  2,793,977   2,784,411  2,803,199
NET EARNINGS PER COMMON SHARE:

   Basic                                    $0.34      $0.12       $0.53      $0.32
   Diluted                                  $0.32      $0.11       $0.50      $0.30
<FN>
</TABLE>

