EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
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Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
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Basic Earnings Per Share
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Net income $ 21,354 $ 18,476 $ 76,028 $ 57,563
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Average number of shares outstanding 40,439 43,223 41,095 43,366
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Basic earnings per share $ 0.53 $ 0.43 $ 1.85 $ 1.33
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Diluted Earnings Per Share
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Net income $ 21,354 $ 18,476 $ 76,028 $ 57,563
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Average number of shares outstanding 40,439 43,223 41,095 43,366
Effect of assumed exercise of
outstanding stock options 262 104 70 24
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 40,701 43,327 41,165 43,390
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Diluted earnings per share $ 0.52 $ 0.43 $ 1.85 $ 1.33
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