EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(In thousands, except per share amounts)
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1994 1993 1992
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Primary Earnings Per Share (a)
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Net income $74,608 $66,989 $18,954
Average number of shares outstanding 46,059 46,338 46,294
Primary earnings per share $1.62 $1.45 $0.41
Fully Diluted Earnings Per Share
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Net income $74,608 $66,989 $18,954
Average number of shares outstanding 46,059 46,338 46,294
Effect of assumed exercise of
outstanding stock options 51 31 39
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 46,110 46,369 46,333
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Fully diluted earnings per share $1.62 $1.44 $0.41
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(a) The computations of primary earnings per share do not include the effects
of assumed exercises of employee stock options because such effects were
immaterial for all years.