EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Three Months Ended September 30, 1996 -------------------------- Primary Fully Diluted ------- ------------- Net earnings as reported $ 796,000 $ 796,000 Add interest expense and deferred charge amortization (net of income taxes) 221,000 ---------- ---------- Adjusted net earnings for computation (A) $ 796,000 $1,017,000 ========== ========== Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options and warrants as follows: Weighted average shares outstanding 7,967,301 7,967,301 Shares assumed issued upon conversion of debentures 947,368 Incremental shares outstanding assuming exercise of stock options and warrants using the treasury stock method 21,491 33,979 --------- --------- Average common and common equivalent shares outstanding (B) 7,988,792 8,948,648 ========= ========= Net earnings per common and common equivalent share (A/B) $.10 $.11 ==== ==== <FN> Note: - ------ Net earnings for the fully diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures. EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Three Months Ended September 30, 1995 -------------------------- Primary Fully Diluted ------- ------------- Net loss as reported $(10,562,000) $(10,562,000) Add interest expense and deferred charge amortization (net of income taxes) 245,000 ------------ ------------ Adjusted net loss for computation (A) $(10,562,000) $(10,317,000) ============ ============ Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options and warrants as follows: Weighted average shares outstanding 7,862,944 7,862,944 Shares assumed issued upon conversion of debentures 1,051,316 Incremental shares outstanding assuming exercise of stock options and warrants using the treasury stock method 161,091 171,861 ------------ ------------ Average common and common equivalent shares outstanding (B) 8,024,035 9,086,121 ============ ============ Net loss per common and common equivalent share (A/B) $(1.32) $(1.14) ====== ====== <FN> Note: - ------ The net loss for the fully diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures.