EXHIBIT 11
                              ALICO, INC.

Computation of Weighted Average Shares Outstanding and earnings per share
as of November 30, 2003:

Date        Shares              Outstanding     Days     Weight

09/01/03	-	        7,116,070	3	 21,348,210
09/03/03	4,461		7,120,531	1	  7,120,531
09/04/03	3,206		7,123,737	-
09/04/03	2,000		7,125,737	4	 28,502,948
09/08/03	4,529		7,130,266	-
09/08/03	2,000		7,132,266	-
09/08/03	2,181		7,134,447	1	  7,134,447
09/09/03	4,000		7,138,447      14	 99,938,258
09/23/03	2,000		7,140,447      48	342,741,456
11/10/03	4,940		7,145,387	7	 50,017,709
11/17/03	1,712		7,147,099	3	 21,441,297
11/20/03	2,000		7,149,099       -
11/20/03	2,000		7,151,099	6	 42,906,594
11/26/03	  539		7,151,638	4	 28,606,552

	      123,811		7,140,198      91    649,758,002

Average outstanding shares (Total weight / days)              7,140,198
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Net income for the three months ended November 30, 2003     $   49,000
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Earnings per share

(Net income / Average outstanding shares)                          $.01
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Average outstanding shares (non diluted)		     7,140,198
Dilutive securities (stock options)			       113,883
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Diluted shares						     7,254,081
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Fully diluted earnings per share                                   $.01
(Net income / diluted shares)                               ___________
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