EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
1997 1996 1997 1996
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Primary Earnings Per Share
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Net income $18,279 $17,770 $39,504 $24,961
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Average number of shares outstanding 45,238 45,295 45,274 45,300
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Primary earnings per share $ 0.40 $ 0.39 $ 0.87 $ 0.55
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Fully Diluted Earnings Per Share
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Net income $18,279 $17,770 $39,504 $24,961
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Average number of shares outstanding 45,238 45,295 45,274 45,300
Effect of assumed exercise of
outstanding stock options 118 38 119 48
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,356 45,333 45,393 45,348
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Fully diluted earnings per share $ 0.40 $ 0.39 $ 0.87 $ 0.55
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