EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
1995 1994 1995 1994
-------- -------- -------- --------
Primary Earnings Per Share (a)
Net income from continuing operations $ 10,345 $ 11,024 $ 19,839 $ 44,251
Net income from discontinued operations 0 2,788 22,542 7,406
-------- -------- -------- --------
Net income $ 10,345 $ 13,812 $ 42,381 $ 51,657
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Average number of shares outstanding 45,529 45,997 45,562 46,131
Primary earnings per share from
continuing operations $ 0.23 $ 0.24 $ 0.44 $ 0.96
Primary earnings per share from
discontinued operations 0.00 0.06 0.49 0.16
-------- -------- -------- --------
Primary earnings per share $ 0.23 $ 0.30 $ 0.93 $ 1.12
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Fully Diluted Earnings Per Share
Net income from continuing operations $ 10,345 $ 11,024 $ 19,839 $ 44,251
Net income from discontinued operations 0 2,788 22,542 7,406
-------- -------- -------- --------
Net income $ 10,345 $ 13,812 $ 42,381 $ 51,657
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Average number of shares outstanding 45,529 45,997 45,562 46,131
Effect of assumed exercise of
outstanding stock options 40 68 20 66
-------- -------- -------- --------
Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,569 46,065 45,582 46,197
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Fully diluted earnings per share from
continuing operations $ 0.23 $ 0.24 $ 0.44 $ 0.96
Fully diluted earnings per share from
discontinued operations 0.00 0.06 0.49 0.16
-------- -------- -------- --------
Fully diluted earnings per share $ 0.23 $ 0.30 $ 0.93 $ 1.12
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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 both years.