EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
(In thousands, except per share amounts)
1996 1995 1994
---- ---- ----
Primary Earnings Per Share (a)
- -----------------------------------------
Income from continuing operations $ 65,285 $ 32,419 $ 63,979
Income from discontinued operations - 23,336 10,629
--------- --------- ---------
Net income $ 65,285 $ 55,755 $ 74,608
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Average number of shares outstanding 45,303 45,492 46,059
========= ========= =========
Primary earnings per share from
continuing operations $ 1.44 $ 0.72 $ 1.39
Primary earnings per share from
discontinued operations - 0.51 0.23
--------- --------- ---------
Primary earnings per share $ 1.44 $ 1.23 $ 1.62
========= ========= =========
Fully Diluted Earnings Per Share
- -----------------------------------------
Income from continuing operations $ 65,285 $ 32,419 $ 63,979
Income from discontinued operations - 23,336 10,629
---------- --------- ---------
Net income $ 65,285 $ 55,755 $ 74,608
========= ========= =========
Average number of shares outstanding 45,303 45,492 46,059
Effect of assumed exercise of
outstanding stock options 105 23 51
--------- --------- ---------
Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,408 45,515 46,110
========= ========= =========
Fully diluted earnings per share from
continuing operations $ 1.44 $ 0.72 $ 1.39
Fully diluted earnings per share from
discontinued operations - 0.51 0.23
--------- --------- ---------
Fully diluted earnings per share $ 1.44 $ 1.23 $ 1.62
========= ========= =========
(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.