EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
1998 1997 1998 1997
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Basic Earnings Per Share
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Net income $13,780 $21,872 $46,524 $61,376
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Average number of shares outstanding 44,842 45,135 44,851 45,227
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Basic earnings per share $ 0.31 $ 0.48 $ 1.04 $ 1.36
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Diluted Earnings Per Share
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Net income $13,780 $21,872 $46,524 $61,376
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Average number of shares outstanding 44,842 45,135 44,851 45,227
Effect of assumed exercise of
outstanding stock options 37 124 132 121
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 44,879 45,259 44,983 45,348
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Diluted earnings per share $ 0.31 $ 0.48 $ 1.03 $ 1.35
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