ALEXANDER & BALDWIN, INC. COMPUTATION OF EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 (In thousands, except per share amounts) 2002 2001 2000 ---- ---- ---- Basic Earnings Per Share Net income $ 58,156 $ 110,628 $ 90,574 ============= ============= ============= Average number of shares outstanding 41,008 40,535 40,898 ============= ============= ============= Basic earnings per share $ 1.42 $ 2.73 $ 2.21 ============= ============= ============= Diluted Earnings Per Share Net income $ 58,156 $ 110,628 $ 90,574 ============= ============= ============= Average number of shares outstanding 41,008 40,535 40,898 Effect of assumed exercise of outstanding stock options 206 185 109 ------------- ------------- ------------- Average number of shares outstanding after assumed exercise of outstanding stock options 41,214 40,720 41,007 ============= ============= ============= Diluted earnings per share $ 1.41 $ 2.72 $ 2.21 ============= ============= =============