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

                      

                                             THREE MONTHS ENDED DECEMBER 31

                                             1996                      1995
 
Net income                               $  835,000                $1,130,000
                                
Common shares:                         

Weighted average shares    
 outstanding during the          
 period                                   3,522,262                 3,673,289
     
Shares issuable under stock
 options which are poten-
 tially dilutive and affect 
 primary earnings per share                  67,403                    92,855

Maximum potential shares    
 includable in computation 
 of primary earnings per               
 share                                    3,589,665                 3,766,144


Additional shares issuable
 under stock options which
 are potentially dilutive
 and affect fully diluted
 earnings per share                          18,154                       361
               
Maximum potential shares
 included in computation 
 of fully diluted earnings 
 per share                                3,607,819                 3,766,505   

Primary earnings per   
 common share                                  $.23                      $.30   

Fully diluted earnings
 per common share (a)                          $.23                      $.30   


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