EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 1997 1996
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Primary Earnings Per Share
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Net income $ 21,872 $ 23,125 $ 61,376 $ 48,086
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Average number of shares outstanding 45,135 45,293 45,227 45,298
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Primary earnings per share $ 0.48 $ 0.51 $ 1.36 $ 1.06
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Fully Diluted Earnings Per Share
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Net income $ 21,872 $ 23,125 $ 61,376 $ 48,086
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Average number of shares outstanding 45,135 45,293 45,227 45,298
Effect of assumed exercise of
outstanding stock options 124 75 121 59
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,259 45,368 45,348 45,357
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Fully diluted earnings per share $ 0.48 $ 0.51 $ 1.35 $ 1.06
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