EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
Earnings from continuing operations $ 8,693,000 $ 2,093,000 $11,018,000 $ 2,205,000
Discontinued operations, net (72,000) 59,000 7,000 94,000
----------- ----------- ----------- -----------
Net earnings $ 8,621,000 $ 2,152,000 $11,025,000 $ 2,299,000
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period 11,260,319 11,516,074 11,255,853 11,662,510
=========== =========== =========== ===========
Earnings per common share:
Continuing operations $ 0.77 $ 0.18 $ 0.98 $ 0.19
Discontinued operations 0.01 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.77 $ 0.19 $ 0.98 $ 0.20
=========== =========== =========== ===========
Additional Primary Computation
- ------------------------------
Earnings from continuing operations $ 8,693,000 $ 2,093,000 $11,018,000 $ 2,205,000
Discontinued operations, net (72,000) 59,000 7,000 94,000
----------- ----------- ----------- -----------
Net earnings $ 8,621,000 $ 2,152,000 $11,025,000 $ 2,299,000
=========== =========== =========== ===========
Additional adjustment to weighted average
number of shares outstanding:
Weighted average number of
shares outstanding above 11,260,319 11,516,074 11,255,853 11,662,510
Add - dilutive effect of
outstanding options(a) 125,722 22,373 111,090 22,475
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,386,041 11,538,447 11,366,943 11,684,985
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.76 $ 0.18 $ 0.97 $ 0.19
Discontinued operations 0.01 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.76 $ 0.19 $ 0.97 $ 0.20
=========== =========== =========== ===========
/TABLE
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
Fully Diluted Computation
- -------------------------
Earnings from continuing operations $ 8,693,000 $ 2,093,000 $11,018,000 $ 2,205,000
Discontinued operations, net (72,000) 59,000 7,000 94,000
----------- ----------- ----------- -----------
Net earnings $ 8,621,000 $ 2,152,000 $11,025,000 $ 2,299,000
=========== =========== =========== ===========
Additional adjustment to
weighted average number of
shares outstanding:
Weighted average number of
shares outstanding above 11,260,319 11,516,074 11,255,853 11,662,510
Add - dilutive effect of
outstanding options(a) 127,019 28,526 129,443 28,526
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,387,338 11,544,600 11,385,296 11,691,036
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.76 $ 0.18 $ 0.97 $ 0.19
Discontinued operations 0.01 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.76 $ 0.19 $ 0.97 $ 0.20
=========== =========== =========== ===========
(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%.