EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
1995 1994 1995 1994
------- ------- ------- -------
Primary Earnings Per Share (a)
Net income from continuing operations $3,540 $18,266 $9,494 $33,227
Net income from discontinued operations 19,936 2,668 22,542 4,618
------- ------- ------- -------
Net income $23,476 $20,934 $32,036 $37,845
Average number of shares outstanding 45,513 46,091 45,578 46,199
Primary earnings per share from
continuing operations 0.08 0.39 0.21 0.72
Primary earnings per share from
discontinued operations 0.43 0.06 0.49 0.10
------- ------- ------- -------
Primary earnings per share $0.51 $0.45 $0.70 $0.82
======= ======= ======= =======
Fully Diluted Earnings Per Share
Net income from continuing operations $3,540 $18,266 $9,494 $33,227
Net income from discontinued operations 19,936 2,668 22,542 4,618
------- ------- ------- -------
Net income $23,476 $20,934 $32,036 $37,845
Average number of shares outstanding 45,513 46,091 45,578 46,199
Effect of assumed exercise of
outstanding stock options 9 61 9 95
------- ------- ------- -------
Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,522 46,152 45,587 46,294
======= ======= ======= =======
Fully diluted earnings per share from
continuing operations 0.08 0.39 0.21 0.72
Fully diluted earnings per share from
discontinued operations 0.43 0.06 0.49 0.10
------- ------- ------- -------
Fully diluted earnings per share $0.51 $0.45 $0.70 $0.82
======= ======= ======= =======
(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 both years.