1 Computation of Net Income Per Share EXHIBIT 11 Quaker State Corporation and Subsidiaries For the quarter ended March 31 1994 1993 (in thousands except per share data, unaudited) 1.Net income $8,783 $3,403 2.Average number of shares of capital stock outstanding 27,249 27,152 3.Shares issuable upon exercise of dilutive stock options outstanding during the period, based on average market prices 74 17 4.Shares issuable upon exercise of dilutive stock options outstanding during the period, based on higher of average or period-end market prices 74 22 5.Average number of capital and capital equivalent shares outstanding (2 + 3) 27,323 27,169 6.Average number of capital shares outstanding, assuming full dilution (2 + 4) 27,323 27,174 7.Net income per capital and capital equivalent share (1 divided by 5) $.20 $.13 8.Net income per capital share assuming full dilution (1 divided by 6) $.20 $.13 The accompanying notes are an integral part of the financial statements.