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                                                                 EXHIBIT 11(ii)

                           EAGLE USA AIRFREIGHT, INC.
                       COMPUTATION OF PER SHARE EARNINGS
                                  (UNAUDITED)
             (IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)

<TABLE>
<CAPTION>
                                                                                               THREE MONTHS ENDED
                                                                                                    MARCH 31,
                                                                                               1997            1996
                                                                                            ----------     -----------
<S>                                                                                         <C>            <C>        
    Net income............................................................................. $    2,948     $     2,106

    Shares used in computing net income per share (1):
      Weighted average number of shares outstanding........................................     17,717          17,046
      Incremental shares attributed to outstanding options (2).............................        926           1,646
                                                                                            ----------     -----------
    Total shares...........................................................................     18,643          18,692
    Net income per share .................................................................. $     0.16     $      0.11
                                                                                            ==========     ===========
</TABLE>

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(1) On July 8, 1996, the Board of Directors authorized a two-for-one stock
    split, effected in the form of a stock dividend, payable August 1, 1996 to
    shareholders of record on July 24, 1996. All references in the financial
    statements to number of shares outstanding and related prices, per share
    amounts and stock option plan data have been retroactively restated to
    reflect the split.

(2) For the three months ended March 31, 1997, calculated assuming exercise of
    options for 2,261,878 shares of common stock at prices ranging from $1.25
    to $30.63 per share and assumed repurchase of shares at the average market
    price of $28.49 computed as of the beginning of the period. For the three
    months ended March 31, 1996, calculated assuming exercise of options for
    2,129,962 shares of common stock at prices from $1.25 to $12.38 per share
    and assumed repurchase of shares at the average market price of $13.85
    computed as of the beginning of the period. Pursuant to Securities and
    Exchange Commission Staff Accounting Bulletins and Staff policy, common
    equivalent shares issued during the 12-month period prior to an initial
    public offering at prices substantially below the public offering price are
    presumed to have been issued in contemplation of the initial public
    offering and have been included in the calculation as if they were
    outstanding since the beginning of the period presented (using the treasury
    stock method and the initial public offering price).






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