EXHIBIT 11
GIANT GROUP, LTD.
EARNINGS PER SHARE
for the three-month periods ended March 31, 1996 and 1995
(Unaudited)
1996 1995
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($ In thousands,
except per share amounts)
Earnings (loss) applicable to common stock:
Net income (loss) for the quarter $ 419 $ (1,614)
Income earned on investment of remaining proceeds
from exercise of stock options, after Company's
Acquisition of common stock (1) 46 ---
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$ 465 $ (1,614)
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Average weighted number of commons shares and common
shares:
Weighted average number of common shares outstanding 4,678,000 5,180,000
Additional shares assuming conversion of stock
options (2) 870,000 ---
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5,548,000 5,180,000
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Primary earnings (loss) per common share and common
equivalent share $0.08 $(0.31)
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Fully diluted earnings (loss) per common share $0.08 $(0.31)
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(1) Assuming funds were invested in U.S. government short-term obligations
earning interest at 5%.
(2) Reflects the 20% limit required by APB No. 15 for reacquisition of
shares. Excess proceeds from exercise of stock options have been
assumed to be invested in short-term government securities (see 1).