<TABLE>
                                                              EXHIBIT 11
                  GIANT INDUSTRIES, INC. AND SUBSIDIARIES
                       COMPUTATION OF PER SHARE DATA

<CAPTION>
                                                Three Months Ended
                                                    March 31,
                                            --------------------------
                                                1997           1996
                                            -----------    -----------
<S>                                         <C>            <C>
Earnings from continuing operations         $ 1,124,000    $ 2,325,000
Earnings from discontinued operations                           79,000
                                            -----------    -----------
Net earnings                                $ 1,124,000    $ 2,404,000
                                            ===========    ===========
Weighted average number of shares 
  outstanding during the period              11,097,867     11,251,386
                                            ===========    ===========
Earnings per common share:
  Continuing operations                     $      0.10    $      0.21
  Discontinued operations                             -              -
                                            -----------    -----------
  Net earnings                              $      0.10    $      0.21
                                            ===========    ===========
Additional Primary Computation
------------------------------
Earnings from continuing operations         $ 1,124,000    $ 2,325,000
Earnings from discontinued operations                           79,000
                                            -----------    -----------
Net earnings                                $ 1,124,000    $ 2,404,000
                                            ===========    =========== 
Additional adjustment to weighted average 
  number of shares outstanding:
    Weighted average number of 
      shares outstanding above               11,097,867     11,251,386
        Add - dilutive effect of
          outstanding options(a)                111,612         96,457
                                            -----------    -----------
Weighted average number of shares 
  outstanding as adjusted                    11,209,479     11,347,843
                                            ===========    ===========
Earnings per common share:(b)
  Continuing operations                     $      0.10    $      0.21
  Discontinued operations                             -              -
                                            -----------    -----------
  Net earnings                              $      0.10    $      0.21
                                            ===========    ===========
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<TABLE>

                  GIANT INDUSTRIES, INC. AND SUBSIDIARIES
                       COMPUTATION OF PER SHARE DATA

<CAPTION>
                                                Three Months Ended
                                                    March 31,
                                            --------------------------
                                                1997           1996
                                            -----------    -----------
<S>                                         <C>            <C>
Fully Diluted Computation
-------------------------     
Earnings from continuing operations         $ 1,124,000    $ 2,325,000
Earnings from discontinued operations                           79,000
                                            -----------    -----------
Net earnings                                $ 1,124,000    $ 2,404,000
                                            ===========    ===========
Additional adjustment to 
  weighted average number of 
  shares outstanding:
    Weighted average number of 
      shares outstanding above               11,097,867     11,251,386
        Add - dilutive effect of
          outstanding options(a)                111,612        122,586
                                            -----------    -----------
Weighted average number of shares 
  outstanding as adjusted                    11,209,479     11,373,972
                                            ===========    ===========

Earnings per common share:(b)
  Continuing operations                     $      0.10    $      0.21
  Discontinued operations                             -              -
                                            -----------    -----------
  Net earnings                              $      0.10    $      0.21
                                            ===========    ===========

(a)  As determined by the application of the treasury stock method.
(b)  This calculation is submitted in accordance with Regulation S-K
     item 601(b)(11) although not required by footnote 2 to paragraph
     14 of APB Opinion No. 15 because it results in dilution of less
     than 3%.

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