Exhibit 11
THE NEWHALL LAND AND FARMING COMPANY
COMPUTATION OF EARNINGS PER UNIT
(in thousands, except per unit)
Years Ended December 31,
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1998 1997 1996
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Partnership Units
Average number of units outstanding during the period 33,986 34,520 35,292
Net units issuable in connection with dilutive options based
upon use of the treasury stock method 390 230 119
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Average number of primary units 34,376 34,750 35,411
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Net income $64,080 $44,493 $41,889
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Net income per unit $ 1.89 $ 1.29 $ 1.19
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Net income per unit - assuming dilution $ 1.86 $ 1.28 $ 1.18
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