<PAGE>   1


                                                                     Exhibit 11

                             CRYSTAL OIL COMPANY

                    COMPUTATION OF INCOME PER COMMON SHARE
              (In Thousands Except Share and Per Share Amounts)
                                 (Unaudited)


<TABLE>
<CAPTION>
                                                          Three Months Ended         
                                                               March 31              
                                                     ---------------------------
                                                        1997             1996        
                                                     -----------     -----------
<S>                                                <C>               <C>
Earnings per common share:                                                           
  Income from operations                            $       814      $       743     
                                                    -----------      -----------                                 
  Weighted average of common                                                         
     shares outstanding                               2,665,622        2,654,375     
                                                    -----------      -----------                                 
                                                                                     
Earnings per common share                           $       .31      $       .28     
                                                    -----------      -----------                                 
                                                                                     
                                                                                     
Primary: (Including dilutive                                                         
            Common Stock equivalents)                                                
     Income from operations                         $       814      $       743     
     Adjustments to income                                                           
       (net of income tax):                                   -                -     
                                                    -----------      -----------                                 
     Adjusted net income                            $       814      $       743     
                                                    ===========      ===========                                 
                                                                                     
  Weighted average of common                                                         
     and common equivalent                                                           
     shares:                                                                         
       Outstanding                                    2,665,622        2,654,375     
       Assuming conversion or exercise of:                                           
         Stock options, net of                                                       
           treasury shares                               30,585           25,931     
         Senior preferred stock                          33,274           33,274     
                                                    -----------      -----------                                 
                                                      2,729,481        2,713,580     
                                                    ===========      ===========                                 
  Per share amount:                                                                  
     Net income                                     $       .30      $       .27     
                                                    ===========      ===========                                 


</TABLE>





<PAGE>   2


                                                                     Exhibit 11
                                                                     (continued)


                             CRYSTAL OIL COMPANY

                    COMPUTATION OF INCOME PER COMMON SHARE
              (In Thousands Except Share and Per Share Amounts)
                                 (Unaudited)




<TABLE>
<CAPTION>
                                                   Three Months Ended
                                                         March 31
                                              ----------------------------
                                                  1997             1996
                                              -----------      -----------
<S>                                           <C>              <C>
Fully-diluted:
  Income from operations                      $       814      $       743
  Adjustments to income
     (net of income tax):                               -                -
                                              -----------      -----------
  Adjusted net income                         $       814      $       743
                                              ===========      ===========

  Weighted average of
     common shares:
     Outstanding                                2,665,622        2,654,375
     Assuming conversion or exercise of:
       Stock options, net of
         treasury shares                           30,585           28,929
       Senior preferred stock                      33,274           33,274
                                              -----------      -----------
                                                2,729,481        2,716,578
                                              -----------      -----------

  Per share amount:
     Net income                               $       .30      $       .27
                                              ===========      ===========


</TABLE>