Is it a 2 wheel option computer??....if yes- make sure you're computer isn't set for the second wheel. I had the same problem and checked the darn thing over Several times and yes the tire size was right and yes the time was right but the miles and speed were waaaaaaaaaaaay off. When I was checking it Again for the 100,00000,000000 time - I saw this 2 flashing at me and couldn't figure out what it was. After reading the instructions - I realized I had set my computer for a "2nd" wheel optiont that was who Knows what. Once I learned how to make sure the computer was registering wheel #1 (the Right wheel)....all my computer issues vanished!
Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, champagne in one hand, strawberries in the other, body thoroughly used up, totally worn out and screaming: "Yeah Baby! What a Ride!"