EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(In thousands, except per share amounts)
1998 1997 1996
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Basic Earnings Per Share
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Net income $ 25,142 $ 81,387 $ 65,285
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Average number of shares outstanding 44,760 45,182 45,303
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Basic earnings per share $ 0.56 $ 1.80 $ 1.44
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Diluted Earnings Per Share
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Net income $ 25,142 $ 81,387 $ 65,285
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Average number of shares outstanding 44,760 45,182 45,303
Effect of assumed exercise of
outstanding stock options 75 127 72
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 44,835 45,309 45,375
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Diluted earnings per share $ 0.56 $ 1.80 $ 1.44
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