EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Earnings from continuing operations $ 5,675,000 $ 8,693,000 $ 6,799,000 $11,018,000
Discontinued operations, net (72,000) 7,000
----------- ----------- ----------- -----------
Net earnings $ 5,675,000 $ 8,621,000 $ 6,799,000 $11,025,000
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period 11,070,954 11,260,319 11,084,336 11,255,853
=========== =========== =========== ===========
Earnings per common share:
Continuing operations $ 0.51 $ 0.77 $ 0.61 $ 0.98
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.51 $ 0.77 $ 0.61 $ 0.98
=========== =========== =========== ===========
Additional Primary Computation
- ------------------------------
Earnings from continuing operations $ 5,675,000 $ 8,693,000 $ 6,799,000 $11,018,000
Discontinued operations, net (72,000) 7,000
----------- ----------- ----------- -----------
Net earnings $ 5,675,000 $ 8,621,000 $ 6,799,000 $11,025,000
=========== =========== =========== ===========
Additional adjustment to weighted average
number of shares outstanding:
Weighted average number of
shares outstanding above 11,070,954 11,260,319 11,084,336 11,255,853
Add - dilutive effect of
outstanding options(a) 102,465 125,722 107,038 111,090
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,173,419 11,386,041 11,191,374 11,366,943
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.51 $ 0.76 $ 0.61 $ 0.97
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.51 $ 0.76 $ 0.61 $ 0.97
=========== =========== =========== ===========
/TABLE
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Fully Diluted Computation
- -------------------------
Earnings from continuing operations $ 5,675,000 $ 8,693,000 $ 6,799,000 $11,018,000
Discontinued operations, net (72,000) 7,000
----------- ----------- ----------- -----------
Net earnings $ 5,675,000 $ 8,621,000 $ 6,799,000 $11,025,000
=========== =========== =========== ===========
Additional adjustment to
weighted average number of
shares outstanding:
Weighted average number of
shares outstanding above 11,070,954 11,260,319 11,084,336 11,255,853
Add - dilutive effect of
outstanding options(a) 125,709 127,019 125,709 129,443
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,196,663 11,387,338 11,210,045 11,385,296
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.51 $ 0.76 $ 0.61 $ 0.97
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.51 $ 0.76 $ 0.61 $ 0.97
=========== =========== =========== ===========
(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%.