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
                                          =========     =========     =========