EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
Earnings from continuing operations $ 5,283,000 $ 1,968,000 $16,301,000 $ 4,173,000
Discontinued operations, net (20,000) 10,000 (13,000) 104,000
----------- ----------- ----------- -----------
Net earnings $ 5,263,000 $ 1,978,000 $16,288,000 $ 4,277,000
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period 11,231,602 11,321,229 11,247,710 11,547,500
=========== =========== =========== ===========
Earnings per common share:
Continuing operations $ 0.47 $ 0.17 $ 1.45 $ 0.36
Discontinued operations 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.47 $ 0.17 $ 1.45 $ 0.37
=========== =========== =========== ===========
Additional Primary Computation
- ------------------------------
Earnings from continuing operations $ 5,283,000 $ 1,968,000 $16,301,000 $ 4,173,000
Discontinued operations, net (20,000) 10,000 (13,000) 104,000
----------- ----------- ----------- -----------
Net earnings $ 5,263,000 $ 1,978,000 $16,288,000 $ 4,277,000
=========== =========== =========== ===========
Additional adjustment to weighted average
number of shares outstanding:
Weighted average number of
shares outstanding above 11,231,602 11,321,229 11,247,710 11,547,500
Add - dilutive effect of
outstanding options(a) 122,820 45,252 115,000 30,067
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,354,422 11,366,481 11,362,710 11,577,567
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.46 $ 0.17 $ 1.43 $ 0.36
Discontinued operations 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.46 $ 0.17 $ 1.43 $ 0.37
=========== =========== =========== ===========
/TABLE
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
Fully Diluted Computation
- -------------------------
Earnings from continuing operations $ 5,283,000 $ 1,968,000 $16,301,000 $ 4,173,000
Discontinued operations, net (20,000) 10,000 (13,000) 104,000
----------- ----------- ----------- -----------
Net earnings $ 5,263,000 $ 1,978,000 $16,288,000 $ 4,277,000
=========== =========== =========== ===========
Additional adjustment to
weighted average number of
shares outstanding:
Weighted average number of
shares outstanding above 11,231,602 11,321,229 11,247,710 11,547,500
Add - dilutive effect of
outstanding options(a) 122,780 77,427 124,926 77,427
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,354,382 11,398,656 11,372,636 11,624,927
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.46 $ 0.17 $ 1.43 $ 0.36
Discontinued operations 0.01
----------- ----------- ----------- -----------
Net earnings $ 0.46 $ 0.17 $ 1.43 $ 0.37
=========== =========== =========== ===========
(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%.