EXHIBIT 11
                 
                   
ALICO, INC.
Computation of Earnings per share

 (unaudited)

(in thousands except per share data)
                           
                           
 
   
For the three months ended 
   
For the six months
ended
 
   
Feb. 28, 

 

 

Feb. 29,

 

 

Feb. 28,

 

 

Feb. 29,

 

 

 

 

2005

 

 

2004

 

 

2005

 

 

2004
 
Net income (loss)
 
$
(11
)
$
12,744
 
$
954
 
$
12,793
 
Weighted shares outstanding
   
7,316
   
7,180
   
7,314
   
7,161
 
                           
Basic earnings per share
 
$
(0.00
)
$
1.77
 
$
0.13
 
$
1.79
 
                           
(Net income (loss) divided by shares outstanding)
                         
                           
Dilutive securities (options outstanding)
   
*
   
156
   
69
   
156
 
                           
Weighted shares, diluted
   
7,316
   
7,336
   
7,383
   
7,317
 
                           
Fully diluted Earnings per share
 
$
0.00
 
$
1.74
 
$
0.13
 
$
1.75
 
                           
(Net income divided by dilutive shares)
                         
 
* Fully diluted earnings per share has not been determined because the effects of including dilutive securities is anti-dilutive.