Try measuring a 31x10.5/15...its typicaly 30.5" or so, the 32x11.5's are about 31.5" or so...so the 265/70/17 is also shy of the nominal equivalent.
In short, tire sizing is not exact, or even always descriptive...for example, some 32" dunlops are 31" in diameter.
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- TJ
2001 Xterra '03 VG33, SE 5 spd, 305/70/16's, Revolvers, UBSkidderz, Doubled AAL's, 3"SL/2"BL, winch/bumpers, skids, sliders, OBA, Snorkel, pine stripes....
Friends don't let friends drive stock.
http://www.gifsoup.com/view/501230/tj-tackling-crawlers-ridge-o.gif