EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
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Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
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Basic Earnings Per Share
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Net income $ 24,514 $ 28,243 $ 46,948 $ 54,674
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Average number of shares outstanding 40,568 40,722 40,538 41,427
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Basic earnings per share $ 0.61 $ 0.69 $ 1.16 $ 1.32
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Diluted Earnings Per Share
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Net income $ 24,514 $ 28,243 $ 46,948 $ 54,674
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Average number of shares outstanding 40,568 40,722 40,538 41,427
Effect of assumed exercise of
outstanding stock options 95 37 193 12
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 40,663 40,759 40,731 41,439
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Diluted earnings per share $ 0.60 $ 0.69 $ 1.15 $ 1.32
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