1 Exhibit 11 THE NEWHALL LAND AND FARMING COMPANY COMPUTATION OF EARNINGS PER UNIT (in thousands, except per unit) Years Ended December 31, --------------------------------------- Partnership Units 1997 1996 1995 ------- ------- ------- Average number of units outstanding during the period 34,520 35,292 36,241 Net units issuable in connection with dilutive options based upon use of the treasury stock method 230 119 31 ------- ------- ------- Average number of primary units 34,750 35,411 36,272 ======= ======= ======= Net income $44,493 $41,889 $27,317 ======= ======= ======= Net income per unit $ 1.29 $ 1.19 $ .75 ======= ======= ======= Net income per unit - assuming dilution $ 1.28 $ 1.18 $ .75 ======= ======= =======