1 EXHIBIT 11 GRANITE CONSTRUCTION INCORPORATED COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31, 1996 1995 - -------------------------------------------------------------------------------- Weighted average common shares outstanding 17,897 17,622 Computation of incremental outstanding shares: Net effect of dilutive stock options based on treasury stock method 69 36 - -------------------------------------------------------------------------------- Weighted average common shares outstanding, as adjusted 17,966 17,658 ================================================================================ Net income $ 366 $1,228 ================================================================================ Net income per common and common equivalent share $ 0.02 $ 0.07 ================================================================================ 19