EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
(In millions, except per share amounts)
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Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
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Basic Earnings Per Share
Net income $ 23.2 $ 13.2 $ 40.8 $ 23.0
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Average number of shares outstanding 41.4 41.0 41.4 40.8
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Basic earnings per share $ 0.56 $ 0.32 $ 0.99 $ 0.56
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Diluted Earnings Per Share
Net income $ 23.2 $ 13.2 $ 40.8 $ 23.0
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Average number of shares outstanding 41.4 41.0 41.4 40.8
Effect of assumed exercise of outstanding
stock options 0.2 0.4 0.2 0.3
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 41.6 41.4 41.6 41.1
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Diluted earnings per share $ 0.56 $ 0.32 $ 0.98 $ 0.56
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