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,
2001 2000 2001 2000
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Basic Earnings Per Share
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Net income $ 17,312 $ 21,354 $ 64,260 $ 76,028
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Average number of shares outstanding 40,567 40,439 40,548 41,095
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Basic earnings per share $ 0.42 $ 0.53 $ 1.58 $ 1.85
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Diluted Earnings Per Share
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Net income $ 17,312 $ 21,354 $ 64,260 $ 76,028
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Average number of shares outstanding 40,567 40,439 40,548 41,095
Effect of assumed exercise of
outstanding stock options 208 262 198 70
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 40,775 40,701 40,746 41,165
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Diluted earnings per share $ 0.42 $ 0.52 $ 1.58 $ 1.85
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