1 Exhibit 11 THE NEWHALL LAND AND FARMING COMPANY COMPUTATION OF EARNINGS PER UNIT (in thousands, except per unit) Years Ended December 31, ------------------------------------------ 1993 1992 1991 -------- -------- -------- Partnership Units Average number of units outstanding during the period 36,757 36,760 36,755 Net units issuable in connection with dilutive options based upon use of the treasury stock method 33 36 76 ------- ------- ------- Average number of primary units 36,790 36,796 36,831 ======= ======= ======= Net income $12,797 $17,211 $30,085 ======= ======= ======= Net income per partnership unit $.35 $.47 $.82 ======= ======= =======