EXHIBIT 11
<TABLE>
                               HOWELL CORPORATION

                        COMPUTATION OF EARNINGS PER SHARE
                                   (Unaudited)

<CAPTION>
                                                       Three Months Ended   Nine Months Ended
                                                           September 30,       September 30,
                                                          1996      1995      1996      1995
                                                          ----      ----      ----      ----
                                                       (In thousands, except per share amounts)
PRIMARY EARNINGS PER SHARE

<S>                                                      <C>       <C>       <C>       <C>
Computation for Statement of Earnings

Reconciliation of net income per statement of
  earnings to amount used in calculation of earnings
  per share - assuming no dilution:
     Net earnings                                        $1,690    $1,085    $4,434    $3,674
     Subtract - Dividend to preferred shareholders          603       603     1,811     1,811
                                                         ------    ------    ------    ------
     Net earnings, as adjusted                           $1,087    $  482    $2,623    $1,863
                                                         ======    ======    ======    ======

Weighted average number of common shares
  outstanding                                             4,938     4,867     4,936     4,849
                                                         ======    ======    ======    ======

Earnings per share - assuming no dilution <F1>           $  .22    $  .10    $  .53    $  .38
                                                         ======    ======    ======    ======

Additional Primary Computation

Net earnings, as adjusted per primary
  computation above                                      $1,087    $  482    $2,623    $1,863
                                                         ======    ======    ======    ======

Adjustment to weighted average number of
  shares outstanding:
     Weighted average number of shares outstanding
       per primary computation above                      4,938     4,867     4,936     4,849
     Add - Dilutive effect of outstanding options
       (as determined by application of the treasury
       stock method)                                        103       150       100       117
     Weighted average number of shares outstanding,
       as adjusted                                        5,041     5,017     5,036     4,966
                                                         ======    ======    ======    ======

Primary earnings per share, as adjusted <F2>             $  .22    $  .10    $  .52    $  .38
                                                         ======    ======    ======    ======

FULLY DILUTED EARNINGS PER SHARE

Computation for Statement of Earnings

Net earnings, as adjusted per
  primary computation above                              $1,087    $  482    $2,623    $1,863
                                                         ======    ======    ======    ======

Weighted average number of common shares
  outstanding, per primary computation above              4,938     4,867     4,936     4,849
                                                         ======    ======    ======    ======


Earnings per share - assuming full
  dilution <F1>                                          $  .22    $  .10    $  .53    $  .38
                                                         ======    ======    ======    ======


Additional Fully Diluted Computation

Additional adjustment to net earnings,
  as adjusted per fully diluted computation above:
     Net earnings, as adjusted per fully
       diluted computation above                         $1,087    $  482    $2,623    $1,863
     Add - Dividend to preferred shareholders               603       603     1,811     1,811
                                                         ------    ------    ------    ------

     Net earnings, as adjusted                           $1,690    $1,085    $4,434    $3,674
                                                         ======    ======    ======    ======

Additional adjustment to weighted average number
  of shares outstanding:
     Weighted average number of shares outstanding,
       per fully diluted computation above                4,938     4,867     4,936     4,849
     Add - Dilutive effect of outstanding options
       (as determined by the application of the treasury
       stock method)                                        125       152       107       131
          Shares issuable from assumed exercise of
            convertible preferred stock                   2,091     2,091     2,091     2,091
     Weighted average number of common shares,
        as adjusted                                       7,154     7,110     7,134     7,071
                                                         ======    ======    ======    ======

Fully diluted earnings per share <F3>                    $  .24    $  .15    $  .62    $  .52
                                                         ======    ======    ======    ======


<FN>
<F1>
These amounts agree with the reported amounts on the statements of earnings.
<F2>
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%.
<F3>
This calculation is submitted in accordance with Regulation S-K item 601(b)(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because it
produces an anti-dilutive result.
</FN>
</TABLE>