EXHIBIT 11
ALICO, INC.
Computation of weighted average shares outstanding at August 31, 2003:
Outstanding
Date Shares Days Total (days X shares)
09/01/02 7,080,344 2 14,160,688
09/03/02 7,083,592 1 7,083,592
09/04/02 7,089,392 1 7,089,392
09/05/02 7,089,562 1 7,089,562
09/06/02 7,090,492 3 21,271,476
09/09/02 7,093,092 46 326,282,232
10/25/02 7,095,092 4 28,380,368
10/29/02 7,100,406 2 14,200,812
10/31/02 7,101,706 4 28,406,824
11/04/02 7,102,106 1 7,102,106
11/05/02 7,104,906 48 341,035,488
12/23/02 7,108,345 43 305,658,835
02/04/03 7,109,595 168 1,194,411,960
07/22/03 7,110,095 7 49,770,665
07/29/03 7,111,295 22 156,448,490
08/20/03 7,111,495 1 7,111,495
08/21/03 7,114,295 1 7,114,295
08/22/03 7,115,320 3 21,345,960
08/25/03 7,116,070 7 49,812,490
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365 2,593,776,730
Total Weight 2,593,776,730 divided by 365 days = 7,106,238
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Computation of Basic Earnings per Share:
Net income $12,659 divided by total
weighted average shares 7,106 (in thousands)= $1.78
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Computation of fully diluted Earnings per Share:
Weighted average shares 7,106
Dilutive options outstanding 150
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Total shares, assuming exercise 7,256
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Net income $12,659 divided by total
weighted average shares (assuming
dilution) 7,256 (in thousands) = $1.74
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