EXHIBIT 11
GIANT GROUP, LTD.
EARNINGS PER SHARE
for the three and six-month periods ended June 30, 1996 (3)
(Unaudited)
3 Months 6 Months
Ended Ended
June 30, June 30,
1996 1996
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($ In thousands,
except per share amounts)
Earnings applicable to common stock (3):
Net income for the period $ 12,183 $ 12,602
Income earned on investment of remaining proceeds
from exercise of stock options, after Company's
acquisition of common stock (1) 67 55
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$ 12,250 $ 12,657
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Average weighted number of common shares and common
equivalent shares:
Weighted average number of common shares outstanding 4,201,000 4,479,000
Additional shares assuming conversion of stock
options (2) 1,016,000 948,000
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5,217,000 5,427,000
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Earnings per common share and common
equivalent shares $2.35 $2.33
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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)).
(3) The 1995 calculation of earnings per share excludes the Company's
stock options as their effect would be anti-dilutive and is not
presented. The calculation of earnings per share for 1995 can be
made from information presented in the consolidated statement of
operations.