EXHIBIT 11
KENAN TRANSPORT COMPANY
Statement Re Computation of Per Share Earnings
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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1999 1998 1999 1998
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Net Income $ 1,249 $ 1,241 $ 3,620 $ 3,570
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Weighted Average Shares Outstanding:
Beginning basic shares 2,422 2,422 2,422 2,395
Shares issued under executive
incentive plan -- -- -- 17
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Ending basic shares 2,422 2,422 2,422 2,412
Dilutive effect of options -- -- -- 1
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Diluted shares 2,422 2,422 2,422 2,413
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Basic and diluted earnings per share $ .51 $ .51 $ 1.49 $ 1.48