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EXHIBIT 11
CONSOLIDATED-TOMOKA LAND CO. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
FOR THE THREE MONTHS ENDED
MARCH 31, MARCH 31,
1995 1994
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PRIMARY EARNINGS (IN THOUSANDS)
INCOME FROM CONTINUING OPERATIONS (254,498) 1,642,659
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- 145,883
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NET INCOME APPLICABLE TO COMMON STOCK (254,498) 1,788,542
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PRIMARY SHARES USED IN COMPUTATION
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 6,261,272 6,261,272
SHARES APPLICABLE TO STOCK OPTIONS USING THE TREASURY STOCK
METHOD AT AVERAGE MARKET PRICE FOR THE PERIOD 13,922 39,634
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TOTAL PRIMARY SHARES 6,275,194 6,300,906
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PRIMARY EARNINGS PER COMMON SHARE:
INCOME FROM CONTINUING OPERATIONS ($0.04) $0.26
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- $0.03
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NET INCOME APPLICABLE TO COMMON STOCK ($0.04) $0.29
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FULLY DILUTED SHARES USED IN COMPUTATION
TOTAL PRIMARY SHARES 6,275,194 6,300,906
SHARES APPLICABLE TO STOCK OPTIONS IN ADDITION TO THOSE
USED IN PRIMARY COMPUTATION DUE TO USE OF THE HIGHER OF
AVERAGE MARKET PRICE OR PERIOD END MARKET PRICE 22,540 1,947
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6,297,734 6,302,853
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FULLY DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS ($0.04) $0.26
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- $0.03
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NET INCOME APPLICABLE TO COMMON STOCK ($0.04) $0.29
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