EXHIBIT 11 ALEXANDER & BALDWIN, INC. COMPUTATION OF EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995 (In thousands, except per share amounts) 1997 1996 1995 ---- ---- ---- Basic Earnings Per Share - ------------------------ Income from continuing operations $ 81,387 $ 65,285 $ 32,419 Income from discontinued operations - - 23,336 --------- --------- --------- Net income $ 81,387 $ 65,285 $ 55,755 ========= ========= ========= Average number of shares outstanding 45,182 45,303 45,492 ========= ========= ========= Basic earnings per share from continuing operations $ 1.80 $ 1.44 $ 0.72 Basic earnings per share from discontinued operations - - 0.51 --------- --------- --------- Basic earnings per share $ 1.80 $ 1.44 $ 1.23 ========= ========= ========= Diluted Earnings Per Share - -------------------------- Income from continuing operations $ 81,387 $ 65,285 $ 32,419 Income from discontinued operations - - 23,336 --------- ---------- --------- Net income $ 81,387 $ 65,285 $ 55,755 ========= ========= ========= Average number of shares outstanding 45,182 45,303 45,492 Effect of assumed exercise of outstanding stock options 127 72 25 --------- --------- --------- Average number of shares outstanding after assumed exercise of outstanding stock options 45,309 45,375 45,517 ========= ========= ========= Diluted earnings per share from continuing operations $ 1.80 $ 1.44 $ 0.72 Diluted earnings per share from discontinued operations - - 0.51 --------- --------- --------- Diluted earnings per share $ 1.80 $ 1.44 $ 1.23 ========= ========= =========