EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(In thousands, except per share amounts)
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1997 1996
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Primary Earnings Per Share (a)
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Net income $21,225 $ 7,191
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Average number of shares outstanding 45,311 45,305
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Primary earnings per share $ 0.47 $ 0.16
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Fully Diluted Earnings Per Share
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Net income $21,225 $ 7,191
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Average number of shares outstanding 45,311 45,305
Effect of assumed exercise of
outstanding stock options 132 59
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,443 45,364
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Fully diluted earnings per share $ 0.47 $ 0.16
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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 are
immaterial.