<TABLE>

                                    EUROPEAN MICRO HOLDINGS, INC.

                                            EXHIBIT 11.01

                                STATEMENT RE: COMPUTATION OF EARNINGS

The calculation of earnings per share are detailed in the table below:
<CAPTION>
                                                                      THREE MONTHS ENDED            NINE MONTHS ENDED
                                                                           MARCH 31,                    MARCH 31,
                                                                 -----------------------------------------------------------
                                                                         2000           1999            2000          1999
                                                                         ----           ----            ----          ----
EARNINGS (LOSS)
<S>                                                                <C>            <C>            <C>            <C>
Net income (in thousands)                                          $   (1,308)    $       22     $    (1090)    $      768
                                                                   ----------     ----------     ----------     ----------
WEIGHTED AVERAGE NUMBER OF SHARES
Outstanding common stock during the period                          4,933,900      4,933,900      4,933,900      4,933,900
Contingently issuable shares                                           24,392         42,983         74,504         20,206
                                                                   ----------     ----------     ----------     ----------
BASIC WEIGHTED AVERAGE NUMBER OF SHARES                             4,958,292      4,976,883      5,008,404      4,954,106
Effect of dilutive stock options and other contingent shares                -         43,670              -         24,206
                                                                   ----------     ----------     ----------     ----------
DILUTED WEIGHTED AVERAGE NUMBER OF SHARES                           4,958,292      5,020,553      5,008,404      4,978,312
                                                                   ==========     ==========     ==========     ==========
Basic earnings (loss) per share                                    $   (0.26)     $     0.00     $    (0.22)    $     0.15
                                                                   ==========     ==========     ==========     ==========
Diluted earnings (loss) per share                                  $   (0.26)     $     0.00     $    (0.22)    $     0.15
                                                                   ==========     ==========     ==========     ==========
</TABLE>

During the  three-month  period ended March 31, 2000, the Company issued options
to purchase up to 10,000 shares of Common Stock at exercise  prices ranging from
$9.00 to $9.25 per share. The above dilutive earnings per share calculations for
the three-month and nine-month  periods ended March 31, 2000, exclude the effect
of options to purchase 329,000 shares of common stock at exercise prices ranging
from $10.00 to $12.00 per share, due to the fact they were anti-dilutive  (i.e.,
the exercise  price was greater than the average market price for the respective
periods). The above dilutive earnings per share calculations for the three-month
and  nine-month  periods ended March 31, 1999,  exclude the effect of options to
purchase 20,000 shares of common stock at an exercise price of $11.00 per share,
due to the fact they were  anti-dilutive.  Also see  "Note 4  (Goodwill)  to the
Consolidated  Condensed Financial  Statements" related to contingently  issuable
shares related to acquisitions. However, the effect of contingent shares related
to the payment  due after the first  contingent  earn-out  period of the Sunbelt
acquisition  has not been  included  in the three month  period  ended March 31,
2000, as such payment was paid in cash in November 1999.  Also the effect of the
contingent  shares  related to the second  contingent  earn-out  of the  Sunbelt
acquisition  are not included,  as the conditions  necessary for such contingent
shares to be issued have not been met as of March 31, 2000. However,  the effect
of contingent shares related to the guaranteed earn-out amount payable after the
second contingent  earn-out period is included.  The effect of contingent shares
related  to  the  first  earn-out  of  American  Micro  is not  included  in the
three-month  period  ended March 31,  2000,  as such payment was paid in cash in
March  2000.  The effect of  contingent  shares  related to second  earn-out  of
American Micro is not included,  as the amount of such  contingent  shares to be
issued are not determinable.