1 COMPUTATION OF NET INCOME PER SHARE EXHIBIT 11 Quaker State Corporation and Subsidiaries Three Months Ended 3/31/97 3/31/96 - -------------------------------------------------------------------------------------- (in thousands except per share data, unaudited) 1. Net income $ 6,865 $ 5,706 ========== ========== 2. Average number of shares of capital stock outstanding 34,868 32,819 3. Shares issuable upon exercise of dilutive stock options outstanding during the period, based on average market prices 102 77 4. Shares issuable upon exercise of dilutive stock options outstanding during the period, based on higher of average or period-end market prices 187 98 5. Average number of capital and capital equivalent shares outstanding (2 + 3) 34,970 32,896 6. Average number of capital shares outstanding, assuming full dilution (2 + 4) 35,055 32,917 7. Net income per capital and capital equivalent share (1 divided by 5) $ 0.20 $ 0.17 ========== ========== 8. Net income per capital share assuming full dilution (1 divided by 6) $ 0.20 $ 0.17 ========== ==========