<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
                                 -------------------------   ------------------
                                     1997          1996          1997           1996
                                 -----------   -----------   -----------    --------
<S>                              <C>           <C>           <C>            <C>        
Earnings per common share:

  Income from operations         $       163   $       626   $     1,472    $     1,908
                                 ===========   ===========   ===========    ===========

  Weighted average of common
    shares outstanding             2,666,022     2,665,372     2,665,755      2,660,610
                                 ===========   ===========   ===========    ===========

Earnings per common share        $       .06   $       .23   $       .55    $       .72
                                 ===========   ===========   ===========    ===========


Primary: (Including dilutive
          Common Stock
          equivalents)
  Income from operations         $       163   $       626   $     1,472    $     1,908
  Adjustments to income
    (net of income tax)                    -             -             -              -
                                 -----------   -----------   -----------    -----------
  Adjusted net income            $       163   $       626   $     1,472    $     1,908
                                 ===========   ===========   ===========    ===========

  Weighted average of common
    and common equivalent
    shares:
      Outstanding                  2,666,022     2,665,372     2,665,755      2,660,610
      Assuming conversion or
        exercise of:
          Stock options, net
            of treasury shares        28,959        27,790        28,987         32,082
          Senior preferred stock      33,274        33,274        33,274         33,274
                                 -----------   -----------   -----------    -----------
                                   2,728,255     2,726,436     2,728,016      2,725,966
                                 ===========   ===========   ===========    ===========

  Per share amount:
      Net income                 $       .06   $       .23   $       .54    $       .70
                                 ===========   ===========   ===========    ===========
</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           Nine Months Ended
                                       September 30                September 30
                                -------------------------    -------------------------
                                    1997          1996           1997          1996
                                -----------   -----------    -----------   -----------
<S>                             <C>           <C>            <C>           <C>        
Fully-diluted:

  Income from operations        $       163   $       626    $     1,472   $     1,908
  Adjustments to income
    (net of income tax)                   -             -              -             -
                                -----------   -----------    -----------   -----------
  Adjusted net income           $       163   $       626    $     1,472   $     1,908
                                ===========   ===========    ===========   ===========

  Weighted average of 
   common shares:
    Outstanding                   2,666,022     2,665,372      2,665,755     2,660,610
    Assuming conversion or
      exercise of:
        Stock options, net
          of treasury shares         37,257        29,948         36,191        34,038
        Senior preferred stock       33,274        33,274         33,274        33,274
                                -----------   -----------    -----------   -----------
                                  2,736,553     2,728,594      2,735,220     2,727,922
                                ===========   ===========    ===========   ===========

  Per share amount:
      Net income                $       .06   $       .23    $       .54   $       .70
                                ===========   ===========    ===========   ===========
</TABLE>


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