diff --git a/drivers/net/usb/pegasus.c b/drivers/net/usb/pegasus.c
index c073929c4d7528c3ac77ae2d2ccc41e5b2903249..075e8e94225e29aae6f4ed9a0c13bcc358392d31 100644
--- a/drivers/net/usb/pegasus.c
+++ b/drivers/net/usb/pegasus.c
@@ -1213,7 +1213,7 @@ static void pegasus_set_multicast(struct net_device *net)
 		pegasus->eth_regs[EthCtrl0] |= RX_MULTICAST;
 		pegasus->eth_regs[EthCtrl2] &= ~RX_PROMISCUOUS;
 		if (netif_msg_link(pegasus))
-			pr_info("%s: set allmulti\n", net->name);
+			pr_debug("%s: set allmulti\n", net->name);
 	} else {
 		pegasus->eth_regs[EthCtrl0] &= ~RX_MULTICAST;
 		pegasus->eth_regs[EthCtrl2] &= ~RX_PROMISCUOUS;
@@ -1273,6 +1273,7 @@ static inline void setup_pegasus_II(pegasus_t * pegasus)
 }
 
 
+static int pegasus_count;
 static struct workqueue_struct *pegasus_workqueue = NULL;
 #define CARRIER_CHECK_DELAY (2 * HZ)
 
@@ -1301,6 +1302,18 @@ static int pegasus_blacklisted(struct usb_device *udev)
 	return 0;
 }
 
+/* we rely on probe() and remove() being serialized so we
+ * don't need extra locking on pegasus_count.
+ */
+static void pegasus_dec_workqueue(void)
+{
+	pegasus_count--;
+	if (pegasus_count == 0) {
+		destroy_workqueue(pegasus_workqueue);
+		pegasus_workqueue = NULL;
+	}
+}
+
 static int pegasus_probe(struct usb_interface *intf,
 			 const struct usb_device_id *id)
 {
@@ -1310,12 +1323,17 @@ static int pegasus_probe(struct usb_interface *intf,
 	int dev_index = id - pegasus_ids;
 	int res = -ENOMEM;
 
-	usb_get_dev(dev);
+	if (pegasus_blacklisted(dev))
+		return -ENODEV;
 
-	if (pegasus_blacklisted(dev)) {
-		res = -ENODEV;
-		goto out;
+	if (pegasus_count == 0) {
+		pegasus_workqueue = create_singlethread_workqueue("pegasus");
+		if (!pegasus_workqueue)
+			return -ENOMEM;
 	}
+	pegasus_count++;
+
+	usb_get_dev(dev);
 
 	net = alloc_etherdev(sizeof(struct pegasus));
 	if (!net) {
@@ -1400,6 +1418,7 @@ out1:
 	free_netdev(net);
 out:
 	usb_put_dev(dev);
+	pegasus_dec_workqueue();
 	return res;
 }
 
@@ -1425,6 +1444,7 @@ static void pegasus_disconnect(struct usb_interface *intf)
 		pegasus->rx_skb = NULL;
 	}
 	free_netdev(pegasus->net);
+	pegasus_dec_workqueue();
 }
 
 static int pegasus_suspend (struct usb_interface *intf, pm_message_t message)
@@ -1468,7 +1488,7 @@ static struct usb_driver pegasus_driver = {
 	.resume = pegasus_resume,
 };
 
-static void parse_id(char *id)
+static void __init parse_id(char *id)
 {
 	unsigned int vendor_id=0, device_id=0, flags=0, i=0;
 	char *token, *name=NULL;
@@ -1504,15 +1524,11 @@ static int __init pegasus_init(void)
 	pr_info("%s: %s, " DRIVER_DESC "\n", driver_name, DRIVER_VERSION);
 	if (devid)
 		parse_id(devid);
-	pegasus_workqueue = create_singlethread_workqueue("pegasus");
-	if (!pegasus_workqueue)
-		return -ENOMEM;
 	return usb_register(&pegasus_driver);
 }
 
 static void __exit pegasus_exit(void)
 {
-	destroy_workqueue(pegasus_workqueue);
 	usb_deregister(&pegasus_driver);
 }