EXHIBIT 11
      
               
ALICO, INC.
  
Computation of Earnings per share
  
(in thousands except per share data)
  
               
               
For the three months                       
  
ended November 30,                     
 
     
2004
          
2003
  
Net income
  
$
965
       
$
49
 
Weighted shares outstanding
    
7,314
         
7,140
 
                     
Basic earnings per share
  
$
0.13
       
$
0.01
 
                     
(Net income divided by shares outstanding)
                    
                     
Dilutive securities (options outstanding)
    
71
          
114
  
                     
Weighted shares, diluted
    
7,385
         
7,254
 
                     
Fully diluted Earnings per share
  
$
0.13
       
$
0.01
 
                     
(Net income divided by dilutive shares)