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,
2002 2001 2002 2001
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Basic Earnings Per Share
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Net income $ 13,197 $ 24,514 $ 23,004 $ 46,948
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Average number of shares outstanding 41,033 40,568 40,829 40,538
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Basic earnings per share $ 0.32 $ 0.60 $ 0.56 $ 1.16
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Diluted Earnings Per Share
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Net income $ 13,197 $ 24,514 $ 23,004 $ 46,948
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Average number of shares outstanding 41,033 40,568 40,829 40,538
Effect of assumed exercise of
outstanding stock options 350 95 313 193
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 41,383 40,663 41,142 40,731
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Diluted earnings per share $ 0.32 $ 0.60 $ 0.56 $ 1.15
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