<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           Six Months Ended
                                                                            June 30                     June 30
                                                                    -------------------------    --------------------------
                                                                    1997              1996       1997             1996
                                                                    -----------  ------------    -----------    -----------
<S>                                                                 <C>          <C>             <C>            <C>
Earnings per common share:
  Income from operations                                            $       495  $        539    $     1,309    $     1,282
                                                                    ===========  ============    ===========    ===========
  Weighted average of common
    shares outstanding                                                2,665,622     2,662,082      2,665,622      2,658,229
                                                                    ===========  ============    ===========    ===========

Earnings per common share                                           $       .19  $        .20    $       .49    $       .48
                                                                    ===========  ============    ===========    ===========


Primary: (Including dilutive
          Common Stock
          equivalents)
  Income from operations                                            $       495  $        539    $     1,309    $     1,282
  Adjustments to income
    (net of income tax):                                                      -             -              -              -
                                                                    -----------  ------------    -----------    -----------
     Adjusted net income                                            $       495  $        539    $     1,309    $     1,282
                                                                    ===========  ============    ===========    ===========

  Weighted average of common
    and common equivalent
    shares:
      Outstanding                                                     2,665,622     2,662,082      2,665,622      2,658,229
      Assuming conversion or
        exercise of:
          Stock options, net
            of treasury shares                                           27,954        26,974         27,823         30,666
          Remaining senior
            preferred stock                                              33,274        33,274         33,274         33,274
                                                                    -----------  ------------    -----------    -----------
                                                                      2,726,850     2,722,330      2,726,719      2,722,169
                                                                    ===========  ============    ===========    ===========
  Per share amount:
      Net income                                                    $       .18  $        .20    $       .48    $     .47
                                                                    ===========  ============    ===========    ===========
</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           Six Months Ended
                                                                            June 30                     June 30
                                                                    ------------------------     --------------------------
                                                                    1997              1996       1997               1996
                                                                    ----------   -----------     -----------   ------------
<S>                                                                 <C>          <C>             <C>           <C>
Fully-diluted:
  Income from operations                                            $      495   $       539     $     1,309   $      1,282
  Adjustments to income
    (net of income tax):                                                     -             -               -              -
                                                                    ----------   -----------     -----------   ------------
  Adjusted net income                                               $      495   $       539     $     1,309   $      1,282
                                                                    ==========   ===========     ===========   ============

  Weighted average of
    common shares:
    Outstanding                                                      2,665,622     2,662,082       2,665,622      2,658,229
    Assuming conversion or
      exercise of:
        Stock options, net
         of treasury shares                                             29,417        26,974          29,079         30,666
        Remaining senior
         preferred stock                                                33,274        33,274          33,274         33,274
                                                                    ----------   -----------     -----------   ------------
                                                                     2,728,313     2,722,330       2,727,975      2,722,169
                                                                    ==========   ===========     ===========   ============

  Per share amount:
      Net income                                                    $      .18   $       .20     $       .48   $        .47
                                                                    ==========   ===========     ===========   ============
</TABLE>

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