EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Six Months Ended
June 30, June 30,
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1995 1994 1995 1994
---------- ---------- ---------- ----------
Net earnings $2,152,000 $2,957,000 $2,299,000
$4,369,000
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==========
Weighted average number of shares outstanding during the period 11,516,074 12,173,306
11,662,510 12,182,984
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==========
Earnings per common share $ 0.19 $ 0.24 $ 0.20 $ 0.36
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==========
Additional Primary Computation:
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Net earnings $2,152,000 $2,957,000 $2,299,000
$4,369,000
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==========
Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding above 11,516,074 12,173,306
11,662,510 12,182,984
Add - dilutive effect of outstanding options (a) 22,373 30,759 22,475
43,286
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Weighted average number of shares outstanding as adjusted 11,538,447 12,204,065
11,684,985 12,226,270
========== ========== ==========
==========
Earnings per common share (b) $ 0.19 $ 0.24 $ 0.20 $
0.36
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==========
Fully Diluted Computation:
- --------------------------
Net earnings $2,152,000 $2,957,000 $2,299,000
$4,369,000
========== ========== ==========
==========
Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding above 11,516,074 12,173,306
11,662,510 12,182,984
Add - dilutive effect of outstanding options (a) 28,526 30,759 28,526
43,275
---------- ---------- ---------- ----------
Weighted average number of shares outstanding as adjusted 11,544,600 12,204,065
11,691,036 12,226,259
========== ========== ==========
==========
Earnings per common share (b) $ 0.19 $ 0.24 $ 0.20 $
0.36
========== ========== ==========
==========
(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%.