1 EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Quaker State Corporation and Subsidiaries (in thousands except per share data) Year Ended December 31, --------------------------------------------------------------- 1996 1995 1994 -------------------- -------------------- ------------------- 1. Net income $ 13,723 $ 12,100 $ 18,766 ==================== ==================== =================== 2. Average number of shares of capital stock outstanding 34,352 32,119 28,368 3. Shares issuable upon exercise of dilutive stock options outstanding during the year, based on average market prices 113 107 911 4. Shares issuable upon exercise of dilutive stock options outstanding during the year, based on higher of average or year-end prices 158 121 96 5. Average number of capital and capital equivalent shares outstanding (2 + 3) 34,465 32,226 28,459 ==================== ==================== =================== 6. Average number of capital shares outstanding, assuming a full dilution (2 + 4) 34,510 32,240 28,464 ==================== ==================== =================== 7. Net income per capital and equivalent share (1 divided by 5) $ 0.40 $ 0.38 $ 0.66 ==================== ==================== =================== 8. Net income per capital share, assuming full dilution (1 divided by 6) $ 0.40 $ 0.38 $ 0.66 ==================== ==================== ===================