EXHIBIT 11 GIANT INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE DATA Three Months Ended March 31, -------------------------- 1996 1995 ----------- ----------- Earnings from continuing operations $ 2,325 $ 112 Earnings from discontinued operations 79 35 ----------- ----------- Net earnings $ 2,404 $ 147 =========== =========== Weighted average number of shares outstanding during the period 11,251,386 11,810,573 =========== =========== Earnings per common share: Continuing operations $ 0.21 $ 0.01 Discontinued operations - - ----------- ----------- Net earnings $ 0.21 $ 0.01 =========== =========== Additional Primary Computation - ------------------------------ Earnings from continuing operations $ 2,325 $ 112 Earnings from discontinued operations 79 35 ----------- ----------- Net earnings $ 2,404 $ 147 =========== =========== Additional adjustment to weighted average number of shares outstanding: Weighted average number of shares outstanding above 11,251,386 11,810,573 Add - dilutive effect of outstanding options(a) 96,457 22,577 ----------- ----------- Weighted average number of shares outstanding as adjusted 11,347,843 11,833,150 =========== =========== Earnings per common share:(b) Continuing operations $ 0.21 $ 0.01 Discontinued operations - - ----------- ----------- Net earnings $ 0.21 $ 0.01 =========== =========== /TABLE GIANT INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE DATA Three Months Ended March 31, -------------------------- 1996 1995 ----------- ----------- Fully Diluted Computation - ------------------------- Earnings from continuing operations $ 2,325 $ 112 Earnings from discontinued operations 79 35 ----------- ----------- Net earnings $ 2,404 $ 147 =========== =========== Additional adjustment to weighted average number of shares outstanding: Weighted average number of shares outstanding above 11,251,386 11,810,573 Add - dilutive effect of outstanding options(a) 122,586 22,577 ----------- ----------- Weighted average number of shares outstanding as adjusted 11,373,972 11,833,150 =========== =========== Earnings per common share:(b) Continuing operations $ 0.21 $ 0.01 Discontinued operations - - ----------- ----------- Net earnings $ 0.21 $ 0.01 =========== =========== (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 by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.