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,
2002 2001 2002 2001
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Basic Earnings Per Share
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Net income $ 17,825 $ 17,312 $ 40,829 $ 64,260
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Average number of shares outstanding 41,156 40,567 40,939 40,548
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Basic earnings per share $ 0.43 $ 0.42 $ 1.00 $ 1.58
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Diluted Earnings Per Share
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Net income $ 17,825 $ 17,312 $ 40,829 $ 64,260
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Average number of shares outstanding 41,156 40,567 40,939 40,548
Effect of assumed exercise of
outstanding stock options 102 208 239 198
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 41,258 40,775 41,178 40,746
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Diluted earnings per share $ 0.43 $ 0.42 $ 0.99 $ 1.58
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