<PAGE>
                                                                    Exhibit 11.1

                        TALX CORPORATION AND SUBSIDIARIES
              STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
                                   (RESTATED)


<Table>
<Caption>
                                                                       THREE MONTHS ENDED MARCH 31,        YEAR ENDED MARCH 31,
                                                                       ----------------------------    ---------------------------
                                                                           2002            2003            2002           2003
                                                                       ------------    ------------    ------------   ------------
<S>                                                                    <C>             <C>             <C>            <C>
Basic Earnings Per Share:

Actual shares outstanding - beginning of period                          13,909,714      13,948,542       9,404,439     13,909,714
Weighted average number of common shares issued (1) (2)                    (134,677)       (308,243)      3,218,250       (167,133)
                                                                       ------------    ------------    ------------   ------------
Weighted average number of common shares outstanding - end of period     13,775,037      13,640,299      12,622,689     13,742,581
                                                                       ============    ============    ============   ============

Net earnings                                                           $  1,563,000    $  4,058,000    $  4,297,000   $ 12,969,000
                                                                       ============    ============    ============   ============

Basic earnings per common share                                        $       0.11    $       0.30    $       0.34   $       0.94
                                                                       ============    ============    ============   ============



Diluted Earnings Per Share:

Actual shares outstanding - beginning of period                          13,909,714      13,948,542       9,404,439     13,909,714
Weighted average number of common shares issued (1) (2)                     590,199         140,649       4,077,244        298,851
                                                                       ------------    ------------    ------------   ------------
Weighted average number of common shares outstanding - end of period     14,499,913      14,089,191      13,481,683     14,208,565
                                                                       ============    ============    ============   ============

Net earnings                                                           $  1,563,000    $  4,058,000    $  4,297,000   $ 12,969,000
                                                                       ============    ============    ============   ============

Diluted earnings per common share                                      $       0.11    $       0.29    $       0.32   $       0.91
                                                                       ============    ============    ============   ============
</Table>


(1)      Basic and diluted earnings per share has been computed using the number
         of shares of common stock and common stock options and warrants
         outstanding. The weighted average number of shares is based on common
         stock outstanding for basic earnings per share and common stock
         outstanding and common stock options and warrants for diluted earnings
         per share in periods when such common stock options and warrants are
         not antidilutive.

(2)      Includes the effect of a 10% stock dividend declared September 6, 2001
         payable October 18, 2001 to shareholders of record on September 20,
         2001.