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EXHIBIT 11
Computation of Net Income Per Share
Quaker State Corporation and Subsidiaries
For the Years Ended December 31, 1997, 1996 and 1995
(in thousands except per share data, unaudited)
1997 1996 1995
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1 Net income $23,088 $13,723 $12,100
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2 Average number of shares of capital
stock outstanding - Basic 35,213 34,352 32,119
3 Shares issuable upon exercise of dilutive stock
options outstanding during the period, based on
average market prices -- 179 --
4 Average number of capital and capital equivalent
shares outstanding - Diluted (2 + 3) 35,213 34,531 32,119
5 Net income per capital and capital equivalent share - Basic
(1 divided by 2) $ 0.66 $ 0.40 $ 0.38
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6 Net income per capital share assuming full dilution - Diluted
(1 divided by 4) $ 0.66 $ 0.40 $ 0.38
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