EXHIBIT 11
KENAN TRANSPORT COMPANY
Statement Re Computation of Per Share Earnings
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Net Income $ 1,066 $ 1,154 $ 2,371 $ 2,329
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Weighted Average Shares:
Beginning basic shares outstanding 2,422 2,400 2,422 2,395
Shares issued under executive
incentive plan -- 14 -- 9
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Basic shares outstanding 2,422 2,414 2,422 2,404
Dilutive effect of outstanding options -- 3 -- 1
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Diluted shares outstanding 2,422 2,417 2,422 2,405
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Basic and diluted earnings per share $ .44 $ .48 $ .98 $ .97