<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          Nine Months Ended
                                         September 30              September 30        
                                 -------------------------   --------------------------
                                     1996          1995          1996           1995   
                                 -----------   -----------   -----------    -----------
<S>                             <C>            <C>           <C>            <C>
Earnings per common share:
  Income from operations         $       626   $       590   $     1,908    $       979
                                 ===========   ===========   ===========    ===========

  Weighted average of common
    shares outstanding             2,665,372     2,643,708     2,660,610      2,620,667
                                 ===========   ===========   ===========    ===========

Earnings per common share        $       .23   $       .22   $       .72    $       .37
                                 ===========   ===========   ===========    ===========


Primary: (Including dilutive
          Common Stock
          equivalents)
  Income from operation          $       626   $       590   $     1,908    $       979
  Adjustments to income
    (net of income tax)                    -             -             -              -
                                 -----------   -----------   -----------    -----------
  Adjusted net income            $       626   $       590   $     1,908    $       979
                                 ===========   ===========   ===========    ===========

  Weighted average of common
    and common equivalent
    shares:
      Outstanding                  2,665,372     2,643,708     2,660,610      2,620,667
      Assuming conversion or
        exercise of:
          Stock options, net
            of treasury shares        27,790        32,246        32,082         49,732
          Senior preferred stock      33,274        33,274        33,274         33,274
                                 -----------   -----------   -----------    -----------
                                   2,726,436     2,709,228     2,725,966      2,703,673
                                 ===========   ===========   ===========    ===========

  Per share amount:
      Net income                 $       .23   $       .22   $       .70    $       .36
                                 ===========   ===========   ===========    ===========
</TABLE>





                                      -22-
<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           Nine Months Ended
                                       September 30                September 30       
                                -------------------------    -------------------------
                                    1996          1995           1996          1995   
                                -----------   -----------    -----------   -----------
<S>                             <C>           <C>            <C>           <C>
Fully-diluted:
  Income from operation         $       626   $       590    $     1,908   $       979
  Adjustments to income
    (net of income tax)                   -             -              -             -
                                -----------   -----------    -----------   -----------
  Adjusted net income           $       626   $       590    $     1,908   $       979
                                ===========   ===========    ===========   ===========

  Weighted average of
    common shares:
    Outstanding                   2,665,372     2,643,708      2,660,610     2,620,667
    Assuming conversion or
      exercise of:
        Stock options, net
          of treasury shares         29,948        32,246         34,038        49,732
        Senior preferred stock       33,274        33,274         33,274        33,274
                                -----------   -----------    -----------   -----------
                                  2,728,594     2,709,228      2,727,922     2,703,673
                                ===========   ===========    ===========   ===========

  Per share amount:
      Net income                $       .23   $       .22    $       .70   $       .36
                                ===========   ===========    ===========   ===========
</TABLE>


NOTE:  See Note 3 of Notes to Consolidated Condensed Financial Statements.





                                      -23-