EXHIBIT 11.1

                           AMCON Distributing Company
                  Statement of Computation of Per Share Earnings
              for the years ended September 30, 1997, 1996, and 1995

<TABLE>
<CAPTION>
                                                   Primary Earning Per Share
                                                for the years ended September 30,
                                            -----------------------------------------
                                                1997           1996          1995
                                            -----------    -----------    -----------
<S>                                              <C>            <C>          <C>
1.  Weighted average common
     shares outstanding                       2,449,903      2,445,903      2,449,357

2.  Weighted average of net additional
     shares outstanding assuming dilutive
     warrants exercised and proceeds used
     to purchase treasury stock                   3,024              -         28,690
                                            -----------    -----------    -----------
3.  Weighted average number of common 
     and common equivalent shares 
     outstanding                              2,452,927      2,445,903      2,478,047
                                            ===========    ===========    ===========

4.  Net income                              $ 1,940,534    $ 1,336,374    $   921,560

    Accretion of preferred stock                      -        (83,333)      (100,000)
                                            -----------    -----------    -----------
    Net income attributable to common
     shareholders                           $ 1,940,534    $ 1,253,041    $   821,560
                                            ===========    ===========    ===========

5.  Earnings per common and common
     equivalent share attributable to
     common shareholders                          $0.79          $0.51          $0.33
                                            ===========    ===========    ===========

</TABLE>


<TABLE>
<CAPTION>
                                                Fully-diluted Earnings Per Share
                                                for the years ended September 30,
                                            -----------------------------------------
                                                1997           1996          1995
                                            -----------    -----------    -----------
<S>                                              <C>            <C>          <C>
1.  Weighted average common
     shares outstanding                       2,449,903      2,445,903      2,449,357

2.  Weighted average of net additional
     shares outstanding assuming dilutive
     warrants exercised and proceeds used
     to purchase treasury stock                   8,000              -         28,690
                                            -----------    -----------    -----------
3.  Weighted average number of common 
     and common equivalent shares 
     outstanding                              2,457,903      2,445,903      2,478,047
                                            ===========    ===========    ===========

4.  Net income                              $ 1,940,534    $ 1,336,374    $   921,560

    Accretion of preferred stock                      -        (83,333)      (100,000)
                                            -----------    -----------    -----------
    Net income attributable to common
     shareholders                           $ 1,940,534    $ 1,253,041    $   821,560
                                            ===========    ===========    ===========

5.  Earnings per common and common
     equivalent share attributable to
     common shareholders                          $0.79          $0.51          $0.33
                                            ===========    ===========    ===========

</TABLE>