1 Exhibit 11 THE NEWHALL LAND AND FARMING COMPANY COMPUTATION OF EARNINGS PER UNIT (in thousands, execpt per unit) Years Ended December 31, ----------------------------------- 1996 1995 1994 ------- ------- ------- Partnership Units Average number of units outstanding during the period 35,293 36,241 36,757 Net units issuable in connection with dilutive options based upon use of the treasury stock method 118 31 32 ------- ------- ------- Average number of primary units 35,411 36,272 36,789 ======= ======= ======= Net income $41,889 $27,317 $15,574 ======= ======= ======= Net income per unit $ 1.18 $ .75 $ .42 ======= ======= =======