EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
---- ---- ---- ----
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Primary Earnings Per Share (a)
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Income from continuing operations $ 17,770 $ 3,540 $ 24,961 $ 9,494
Income from discontinued operations - 19,936 - 22,542
-------- -------- -------- --------
Net income $ 17,770 $ 23,476 $ 24,961 $ 32,036
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Average number of shares outstanding 45,295 45,513 45,300 45,578
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Primary earnings per share from
continuing operations $ 0.39 $ 0.08 $ 0.55 $ 0.21
Primary earnings per share from
discontinued operations - 0.43 - 0.49
-------- -------- -------- --------
Primary earnings per share $ 0.39 $ 0.51 $ 0.55 $ 0.70
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Fully Diluted Earnings Per Share
- -------------------------------------
Income from continuing operations $ 17,770 $ 3,540 $ 24,961 $ 9,494
Income from discontinued operations - 19,936 - 22,542
-------- -------- -------- --------
Net income $ 17,770 $ 23,476 $ 24,961 $ 32,036
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Average number of shares outstanding 45,295 45,513 45,300 45,578
Effect of assumed exercise of
outstanding stock options 38 9 48 9
-------- -------- -------- --------
Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,333 45,522 45,348 45,587
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Fully diluted earnings per share from
continuing operations $ 0.39 $ 0.08 $ 0.55 $ 0.21
Fully diluted earnings per share from
discontinued operations - 0.43 - 0.49
-------- -------- -------- --------
Fully diluted earnings per share $ 0.39 $ 0.51 $ 0.55 $ 0.70
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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.