EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Three Months Ended December 31, 1994 -------------------------- Fully Primary Diluted ---------- ---------- Net earnings as reported $877,000 $ 877,000 Add interest expense and deferred charge amortization (net of income taxes) 245,000 (1) -------- ---------- Adjusted net earnings for computation (A) $877,000 $1,122,000 ======== ========== Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options as follows: Weighted average shares outstanding 7,815,798 7,815,798 Shares assumed issued upon conversion of debentures 1,051,316 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 365,388 365,388 --------- --------- Average common and common equivalent shares outstanding (B) 8,181,186 9,232,502 ========= ========= Net earnings per common and common equivalent share (A/B) $.11 $.12 ==== ==== Notes: <FN> (1) Net earnings for the fully diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures. (2) Given the anti-dilutive effect of this calculation, the amount disclosed in the Consolidated Condensed Statements of Operations for fully diluted earnings per share is the same as primary earnings per share. -14- EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Three Months Ended December 31, 1993 -------------------------- Fully Primary Diluted ---------- ---------- Net earnings as reported $3,226,000 $3,226,000 Add interest expense and deferred charge amortization (net of income taxes) 245,000 (1) ---------- ---------- Adjusted net earnings for computation (A) $3,226,000 $3,471,000 ========== ========== Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options as follows: Weighted average shares outstanding 7,605,014 7,605,014 Shares assumed issued upon conversion of debentures 1,052,632 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 343,429 428,759 Shares issuable for retirement plan 34,679 34,679 --------- --------- Average common and common equivalent shares outstanding (B) 7,983,122 9,121,084 ========= ========= Net earnings per common and common equivalent share (A/B) $.40 $.38 ========= ========= Notes: <FN> (1) Net earnings for the fully diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures. -15- EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings Per Average Common and Common Equivalent Share For the Six Months Ended December 31, 1994 ------------------------- Fully Primary Diluted ---------- ---------- Net earnings as reported $2,965,000 $2,965,000 Add interest expense and deferred charge amortization (net of income taxes) 491,000 (1) ---------- ---------- Adjusted net earnings for computation (A) $2,965,000 $3,456,000 ========== ========== Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options as follows: Weighted average shares outstanding 7,813,127 7,813,127 Shares assumed issued upon conversion of debentures 1,051,316 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 365,388 365,388 --------- --------- Average common and common equivalent shares outstanding (B) 8,178,515 9,229,831 ========= ========= Net earnings per common and common equivalent shares (A/B) $.36 $.37 ==== ==== Notes: <FN> (1) Net earnings for the full diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures. (2) Given the anti-dilutive effect of this calculation, the amount disclosed in the Consolidated Condensed Statements of Operations for fully diluted earnings per share is the same as primary earnings per share. -16- EXHIBIT 11 QUIXOTE CORPORATION AND SUBSIDIARIES Computation of Net Earnings per Average Common and Common Equivalent Share For the Six Months Ended December 31, 1993 ------------------------- Fully Primary Diluted ---------- ---------- Net earnings as reported $5,665,000 $5,665,000 Add interest expense and deferred charge amortization (net of income taxes) 491,000 (1) ---------- ---------- Adjusted net earnings for computation (A) $5,665,000 $6,156,000 ========== ========== Average common shares outstanding would be adjusted for the additional shares that would be issued assuming conversion of the debentures and exercise of stock options as follows: Weighted average shares outstanding 7,618,684 7,618,684 Shares assumed issued upon conversion of debentures 1,052,632 Incremental shares outstanding assuming exercise of stock options using the treasury stock method 343,429 428,759 Shares issuable for retirement plan 34,679 34,679 --------- --------- Average common and common equivalent shares outstanding (B) 7,996,792 9,134,754 ========= ========= Net earnings per common and common equivalent shares (A/B) $.71 $.67 ==== ==== Notes: <FN> (1) Net earnings for the full diluted calculation are adjusted for interest expense and deferred charge amortization, assuming exercise of the conversion privilege on the 8% convertible debentures. -17-