Exhibit (11)
                           FRP PROPERTIES, INC.
                 COMPUTATION OF EARNINGS PER COMMON SHARE

                      

                                     THREE MONTHS              NINE MONTHS
                                    ENDED JUNE 30             ENDED JUNE 30
                                   1996        1995          1996        1995
 
Net income                    $1,215,000  $1,303,000    $3,140,000  $3,465,000
                                
Common shares:                         

Weighted average shares    
 outstanding during the          
 period                        3,557,276   3,710,304     3,617,348   3,758,264
     
Shares issuable under stock
 options which are poten-
 tially dilutive and affect 
 primary earnings per share       93,125     101,524        95,267      88,199

Maximum potential shares    
 includable in computation 
 of primary earnings per               
 share                         3,650,401   3,811,828     3,712,615   3,846,463

Additional shares issuable
 under stock options which
 are potentially dilutive
 and affect fully diluted
 earnings per share                   91           -             -       7,655
                 
Maximum potential shares
 included in computation 
 of fully diluted earnings 
 per share                     3,650,492   3,811,828     3,712,615   3,854,118

Primary earnings per   
 common share                       $.33        $.34          $.84        $.90

Fully diluted earnings
 per common share (a)               $.33        $.34          $.84        $.90


(a)  Fully diluted earnings per common share are not presented on the
     income statement sinc the potential effect would have been less
     than 3% dilutive.