EXHIBIT 11 GIANT INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE DATA Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ 1994 1993 1994 1993 ------------------------ ------------------------ Net earnings (loss) $(2,253,000) $ 5,005,000 $ 2,116,000 $14,535,000 =========== =========== =========== =========== Weighted average number of shares outstanding during the period 12,112,350 12,226,034 12,159,181 12,224,532 =========== =========== =========== =========== Earnings (loss) per common share $ (0.19) $ 0.41 $ 0.17 $ 1.19 =========== =========== =========== =========== Additional Primary Computation: - - ------------------------------- Net earnings (loss) $(2,253,000) $ 5,005,000 $ 2,116,000 $14,535,000 =========== =========== =========== =========== Additional adjustment to weighted average number of shares outstanding: Weighted average number of shares outstanding above 12,112,350 12,226,034 12,159,181 12,224,532 Add - dilutive effect of outstanding options (a) 98,559 34,902 51,959 ----------- ----------- ----------- ----------- Weighted average number of shares outstanding as adjusted 12,112,350 12,324,593 12,194,083 12,276,491 =========== =========== =========== =========== Earnings (loss) per common share (b) $ (0.19) $ 0.41 $ 0.17 $ 1.18 =========== =========== =========== =========== Fully Diluted Computation: - - -------------------------- Net earnings (loss) $(2,253,000) $ 5,005,000 $ 2,116,000 $14,535,000 =========== =========== =========== =========== Additional adjustment to weighted average number of shares outstanding: Weighted average number of shares outstanding above 12,112,350 12,226,034 12,159,181 12,224,532 Add - dilutive effect of outstanding options (a) 98,559 37,082 94,092 ----------- ----------- ----------- ----------- Weighted average number of shares outstanding as adjusted 12,112,350 12,324,593 12,196,263 12,318,624 =========== =========== =========== =========== Earnings (loss) per common share (b) $ (0.19) $ 0.41 $ 0.17 $ 1.18 =========== =========== =========== =========== /TABLE (a) As determined by the application of the treasury stock method. (b) This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required per note 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.