EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Nine Months Ended March 31, 1997 ------------------------- Fully Primary Diluted ---------- ---------- Net loss as reported (A) $(6,159,000) $(6,159,000) =========== =========== Average common shares outstanding would be adjusted for the exercise of stock options as follows: Weighted average shares outstanding 7,972,175 7,972,175 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 52,554 79,439 ---------- ---------- Average common and common equivalent shares outstanding (B) 8,024,729 8,051,614 ========== ========== Net loss per common and common equivalent share (A/B) $ (.77) $ (.76) ========== ========== EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Nine Months Ended March 31, 1996 ------------------------- Fully Primary Diluted ---------- ---------- Net loss as reported $(12,046,000) $(12,046,000) Add interest expense and deferred charge amortization (net of income taxes) 735,000(1) ----------- ----------- Adjusted net loss for computation (A) $(12,046,000) $(11,311,000) =========== =========== 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 as follows: Weighted average shares outstanding 7,865,538 7,865,538 Shares assumed issued upon conversion of debentures 1,051,316 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 99,168 99,168 ----------- ---------- Average common and common equivalent shares outstanding (B) 7,964,706 9,016,022 =========== ========== Net loss per common and common equivalent share (A/B) $ (1.51) $ (1.25) =========== ========== <FN> Notes: (1) The net loss for the fully diluted calculation is 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 March 31, 1997 -------------------------- Fully Primary Diluted ---------- ---------- Net loss as reported (A) $(7,994,000) $(7,994,000) =========== =========== Average common shares outstanding would be adjusted for the exercise of stock options as follows: Weighted average shares outstanding 7,974,612 7,974,612 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 52,554 79,439 ---------- ---------- Average common and common equivalent shares outstanding (B) 8,027,166 8,054,051 ========== ========== Net loss per common and common equivalent shares (A/B) $ (1.00) $ (.99) ========== ========== EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Three Months Ended March 31, 1996 -------------------------- Fully Primary Diluted ---------- ---------- Net loss as reported $(1,801,000) $(1,801,000) Add interest expense and deferred charge amortization (net of income taxes) 245,000 (1) ---------- ---------- Adjusted net loss for computation (A) $(1,801,000) $(1,556,000) ========== ========== 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 as follows: Weighted average shares outstanding 7,870,501 7,870,501 Shares assumed issued upon conversion of debentures 1,051,316 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 99,168 99,168 ---------- ---------- Average common and common equivalent shares outstanding (B) 7,969,669 9,020,985 ========== ========== Net loss per common and common equivalent shares (A/B) $ (.23) $ (.17) ========== ========== <FN> Notes: (1) The net loss for the fully diluted calculation is adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures.