EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended
March 31,
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1995 1994
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Net earnings $ 147,000 $1,412,000
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Weighted average number of shares outstanding during the period 11,810,573 12,192,770
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Earnings per common share $ 0.01 $ 0.12
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Additional Primary Computation:
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Net earnings $ 147,000 $1,412,000
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Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding above 11,810,573 12,192,770
Add - dilutive effect of outstanding options (a) 22,577 55,813
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Weighted average number of shares outstanding as adjusted 11,833,150 12,248,583
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Earnings per common share (b) $ 0.01 $ 0.12
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Fully Diluted Computation:
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Net earnings $ 147,000 $1,412,000
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Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding above 11,810,573 12,192,770
Add - dilutive effect of outstanding options (a) 22,577 55,813
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Weighted average number of shares outstanding as adjusted 11,833,150 12,248,583
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Earnings per common share (b) $ 0.01 $ 0.12
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(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%.