EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended
March 31,
--------------------------
1997 1996
----------- -----------
Earnings from continuing operations $ 1,124,000 $ 2,325,000
Earnings from discontinued operations 79,000
----------- -----------
Net earnings $ 1,124,000 $ 2,404,000
=========== ===========
Weighted average number of shares
outstanding during the period 11,097,867 11,251,386
=========== ===========
Earnings per common share:
Continuing operations $ 0.10 $ 0.21
Discontinued operations - -
----------- -----------
Net earnings $ 0.10 $ 0.21
=========== ===========
Additional Primary Computation
- ------------------------------
Earnings from continuing operations $ 1,124,000 $ 2,325,000
Earnings from discontinued operations 79,000
----------- -----------
Net earnings $ 1,124,000 $ 2,404,000
=========== ===========
Additional adjustment to weighted average
number of shares outstanding:
Weighted average number of
shares outstanding above 11,097,867 11,251,386
Add - dilutive effect of
outstanding options(a) 111,612 96,457
----------- -----------
Weighted average number of shares
outstanding as adjusted 11,209,479 11,347,843
=========== ===========
Earnings per common share:(b)
Continuing operations $ 0.10 $ 0.21
Discontinued operations - -
----------- -----------
Net earnings $ 0.10 $ 0.21
=========== ===========
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended
March 31,
--------------------------
1997 1996
----------- -----------
Fully Diluted Computation
- -------------------------
Earnings from continuing operations $ 1,124,000 $ 2,325,000
Earnings from discontinued operations 79,000
----------- -----------
Net earnings $ 1,124,000 $ 2,404,000
=========== ===========
Additional adjustment to
weighted average number of
shares outstanding:
Weighted average number of
shares outstanding above 11,097,867 11,251,386
Add - dilutive effect of
outstanding options(a) 111,612 122,586
----------- -----------
Weighted average number of shares
outstanding as adjusted 11,209,479 11,373,972
=========== ===========
Earnings per common share:(b)
Continuing operations $ 0.10 $ 0.21
Discontinued operations - -
----------- -----------
Net earnings $ 0.10 $ 0.21
=========== ===========
(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%.