EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(In thousands, except per share amounts)
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Three Months Ended Six Months Ended
June 30 June 30
1999 1998 1999 1998
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Basic Earnings Per Share
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Net income $ 23,249 $ 18,970 $ 39,087 $ 26,943
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Average number of shares
outstanding 43,318 44,869 43,438 44,855
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Basic earnings per share $ 0.54 $ 0.42 $ 0.90 $ 0.60
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Diluted Earnings Per Share
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Net income $ 23,249 $ 18,970 $ 39,087 $ 26,943
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Average number of shares
outstanding 43,318 44,869 43,438 44,855
Effect of assumed exercise
of outstanding stock
options 12 210 2 203
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Average number of shares
outstanding after assumed
exercise of outstanding
stock options 43,330 45,079 43,440 45,058
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Diluted earnings per share $ 0.54 $ 0.42 $ 0.90 $ 0.60
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