You need to get diameter of stock tires to know what the ratio change will be with 31".
Read here to get stock tire size and current axle ratio from your drivers door label:
http://www.therangerstation.com/tech_library/axle_codes.shtml
Then go here to get "actual ratio" after tire change:
http://www.therangerstation.com/tech_library/Gear_Tire_RatioChange.shtml
Example
new tire diameter 31
Old tire diameter 28
Axle ratio 3.73 <<< 3.73 is the most common ratio on Rangers
Actual ratio after change 3.37
The lower the axle ratio number the less the torque you will have but higher the speed for RPM
So lower number means less low-end torque, pulling power, and lower RPMs at say 70MPH, so better MPG, but with the heavier wheels/tires and increased ride height you won't see an improvement, lol.
Larger tires always causes lower ratio, and speedometer will be off as well.
New ratio number 4.13
This number is the axle ratio you would change to if you wanted to get back to original 3.73 ratio with the 31" tires,
4.13 isn't an available ratio but 4.10 is common so you would change to a 4.10 ratio
And .03 difference is negligible
So a change to 4.10 would get current performance back to what it is now and speedo would be correct again
Axle ratio is the Ring and Pinion gears in the differential, on 4x4s you have to change both front and rear ring and pinion gears, their ratios must match.