1 COMPUTATION OF NET INCOME PER SHARE EXHIBIT 11 Quaker State Corporation and Subsidiaries Quarter Ended Six Months Ended 6/30/96 6/30/95 6/30/96 6/30/95 - -------------------------------------------------------------------------------------------------------- (in thousands except per share data, unaudited) 1. Net income $ 7,173 $(3,225) $12,879 $ 2,371 ======================================================================================================== 2. Average number of shares of capital stock outstanding 32,899 31,496 32,859 31,484 3. Shares issuable upon exercise of dilutive stock options outstanding during the period, based on average market prices 113 100 114 107 4. Shares issuable upon exercise of dilutive stock options outstanding during the period, based on higher of average or period-end market prices 179 155 138 134 5. Average number of capital and capital equivalent shares outstanding (2 + 3) 33,012 31,596 32,973 31,591 6. Average number of capital shares outstanding, assuming full dilution (2 + 4) 33,078 31,651 32,997 31,618 7. Net income per capital and capital equivalent share (1 divided by 5) $ 0.22 $ (0.10) $ 0.39 $ 0.08 ======================================================================================================== 8. Net income per capital share assuming full dilution (1 divided by 6) $ 0.22 $ (0.10) $ 0.39 $ 0.08 ========================================================================================================