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EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
Quaker State Corporation and Subsidiaries
1996 1995
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(in thousands except per share data, unaudited)
1. Net income $ 5,706 $ 5,596
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2. Average number of shares of capital stock outstanding 32,819 31,473
3. Shares issuable upon exercise of dilutive stock
options outstanding during the period, based on
average market prices 77 113
4. Shares issuable upon exercise of dilutive stock
options outstanding during the period, based on
higher of average or period-end market prices 98 113
5. Average number of capital and capital equivalent
shares outstanding (2 + 3) 32,896 31,586
6. Average number of capital shares outstanding,
assuming full dilution (2 + 4) 32,917 31,586
7. Net income per capital and capital equivalent share
(1 divided by 5) $ 0.17 $ 0.18
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8. Net income per capital share assuming full dilution
(1 divided by 6) $ 0.17 $ 0.18
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The accompanying notes are an integral part of the financial statements.