EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(In thousands, except per share amounts)
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Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
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Basic Earnings Per Share
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Net income $ 18,476 $ 13,780 $ 57,563 $ 40,723
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Average number of shares
outstanding 43,223 44,842 43,366 44,851
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Basic earnings per share $ 0.43 $ 0.31 $ 1.33 $ 0.91
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Diluted Earnings Per Share
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Net income $ 18,476 $ 13,780 $ 57,563 $ 40,723
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Average number of shares
outstanding 43,223 44,842 43,366 44,851
Effect of assumed exercise
of outstanding stop options 104 37 24 132
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Average number of shares
outstanding after assumed
exercise of outstanding
stock options 43,327 44,879 43,390 44,983
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Diluted earnings per share $ 0.43 $ 0.31 $ 1.33 $ 0.91
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