EXHIBIT 11 	PATRIOT TRANSPORTATION HOLDING, INC. 	COMPUTATION OF EARNINGS PER COMMON SHARE Years Ended September 30 2003 2002 2001 Net income $4,575,000 5,655,000 2,703,000 Common shares: Weighted average shares outstanding during the period - shares used for basic earnings per share 3,033,239 3,142,742 3,157,317 Shares issuable under stock options which are potentially dilutive 32,264 22,667 449 Shares used for diluted earnings per share 3,065,503 3,165,409 3,157,766 Basic earnings per common share $1.51 $1.80 $ .86 Diluted earnings per common share $1.49 $1.79 $ .86