EXHIBIT 11
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Earnings from continuing operations $ 6,596,000 $ 5,283,000 $13,395,000 $16,301,000
Discontinued operations, net (20,000) (13,000)
----------- ----------- ----------- -----------
Net earnings $ 6,596,000 $ 5,263,000 $13,395,000 $16,288,000
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period 11,025,763 11,231,602 11,064,597 11,247,710
=========== =========== =========== ===========
Earnings per common share:
Continuing operations $ 0.60 $ 0.47 $ 1.21 $ 1.45
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.60 $ 0.47 $ 1.21 $ 1.45
=========== =========== =========== ===========
Additional Primary Computation
- ------------------------------
Earnings from continuing operations $ 6,596,000 $ 5,283,000 $13,395,000 $16,301,000
Discontinued operations, net (20,000) (13,000)
----------- ----------- ----------- -----------
Net earnings $ 6,596,000 $ 5,263,000 $13,395,000 $16,288,000
=========== =========== =========== ===========
Additional adjustment to weighted average
number of shares outstanding:
Weighted average number of
shares outstanding above 11,025,763 11,231,602 11,064,597 11,247,710
Add - dilutive effect of
outstanding options(a) 140,531 122,820 118,202 115,000
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,166,294 11,354,422 11,182,799 11,362,710
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.59 $ 0.46 $ 1.20 $ 1.43
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.59 $ 0.46 $ 1.20 $ 1.43
=========== =========== =========== ===========
/TABLE
GIANT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE DATA
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Fully Diluted Computation
- -------------------------
Earnings from continuing operations $ 6,596,000 $ 5,283,000 $13,395,000 $16,301,000
Discontinued operations, net (20,000) (13,000)
----------- ----------- ----------- -----------
Net earnings $ 6,596,000 $ 5,263,000 $13,395,000 $16,288,000
=========== =========== =========== ===========
Additional adjustment to
weighted average number of
shares outstanding:
Weighted average number of
shares outstanding above 11,025,763 11,231,602 11,064,597 11,247,710
Add - dilutive effect of
outstanding options(a) 151,835 122,780 152,959 124,926
----------- ----------- ----------- -----------
Weighted average number of shares
outstanding as adjusted 11,177,598 11,354,382 11,217,556 11,372,636
=========== =========== =========== ===========
Earnings per common share:(b)
Continuing operations $ 0.59 $ 0.46 $ 1.19 $ 1.43
Discontinued operations
----------- ----------- ----------- -----------
Net earnings $ 0.59 $ 0.46 $ 1.19 $ 1.43
=========== =========== =========== ===========
(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%.