EXHIBIT 11
GIANT GROUP, LTD.
EARNINGS PER SHARE
for the three and nine-month periods ended September 30, 1996 (3)
(Unaudited)
3 Months 9 Months
Ended Ended
September 30, September 30,
1996 1996
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($ In thousands,
except per share amounts)
Earnings applicable to common stock (3):
Net income for the period $ 1,539 $ 14,141
Income earned on investment of remaining proceeds
from exercise of stock options, after Company's
acquisition of common stock (1) 85 67
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$ 1,624 $ 14,208
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Average weighted number of common shares and common
equivalent shares:
Weighted average number of common shares outstanding 3,779,255 4,242,702
Additional shares assuming conversion of stock
options (2) 1,108,101 1,001,512
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4,887,356 5,244,214
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Earnings per common share and common
equivalent shares $0.33 $2.71
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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.