EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(In thousands, except per share amounts)
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1995 1994 1993
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Primary Earnings Per Share (a)
Net income from continuing operations $32,419 $63,979 $58,736
Net income from discontinued operations 23,336 10,629 8,253
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Net income $55,755 $74,608 $66,989
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Average number of shares outstanding 45,492 46,059 46,338
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Primary earnings per share from
continuing operations 0.72 1.39 1.27
Primary earnings per share from
discontinued operations 0.51 0.23 0.18
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Primary earnings per share $1.23 $1.62 $1.45
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Fully Diluted Earnings Per Share
Net income from continuing operations $32,419 $63,979 $58,736
Net income from discontinued operations 23,336 10,629 8,253
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Net income $55,755 $74,608 $66,989
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Average number of shares outstanding 45,492 46,059 46,338
Effect of assumed exercise of
outstanding stock options 23 51 31
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,515 46,110 46,369
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Fully diluted earnings per share from
continuing operations 0.72 1.39 1.27
Fully diluted earnings per share from
discontinued operations 0.51 0.23 0.18
-------- -------- --------
Fully diluted earnings per share $1.23 $1.62 $1.45
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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.