EUROPEAN MICRO HOLDINGS, INC.

                                  EXHIBIT 11.01

                      STATEMENT RE: COMPUTATION OF EARNINGS

The calculation of earnings per share are detailed in the table below:

<TABLE>
<CAPTION>
                                                                      THREE MONTHS ENDED             SIX MONTHS ENDED
                                                                         DECEMBER 31,                  DECEMBER 31,
                                                                 -----------------------------------------------------------
                                                                         1999           1998            1999            1998
                                                                         ----           ----            ----            ----
<S>                                                                 <C>            <C>            <C>            <C>
EARNINGS
Net income (in thousands)                                                 $11            $24             $218           $746
                                                                    ---------      ---------        ---------      ---------

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                                          114,011              -           99,559              -
                                                                    ---------      ---------        ---------       ---------

BASIC WEIGHTED AVERAGE NUMBER OF SHARES                             5,047,911      4,933,900        5,033,459      4,933,900
Effect of dilutive stock options and other contingent shares                -         17,926              497          8,963
                                                                    ---------      ---------       ---------       ---------

DILUTED WEIGHTED AVERAGE NUMBER OF SHARES                           5,047,911      4,951,826        5,033,956      4,942,863
                                                                    =========      =========        =========      =========

Basic earnings per share                                                $0.00          $0.00            $0.04          $0.15
                                                                    =========      =========        =========      =========

Diluted earning per share                                               $0.00          $0.00            $0.04          $0.15
                                                                    =========      =========        =========      =========
</TABLE>


During the  three-month  period  ended  December 31,  1999,  the Company  issued
options to purchase up to 2,500 shares of Common  Stock at an exercise  price of
$8.00 per share.  The above  dilutive  earnings per share  calculations  for the
three-month and six-month periods ended December 31, 1999, exclude the effect of
options to purchase 349,000 and 341,500 shares of common stock, respectively, at
exercise  prices  ranging  from $7.50 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  period).  The  above  dilutive  earnings  per  share
calculations for the three-month and six-month  periods ended December 31, 1998,
exclude  the effect of options to  purchase  20,000 and 20,000  shares of common
stock, respectively,  at exercise prices ranging from $9.19 to $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  December 31,
1999 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 December  31,  1999.  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 included in
the three-month  period ended December 31, 1999. The effect of contingent shares
related to second earn-out of American Micro is not included,  as  determination
of the amount of such contingent shares to be issued are not determinable.