EXHIBIT 11. Earnings per share
                 
                   
ALICO, INC.
Computation of Earnings per share
(in thousands except per share data)
                   
                   
 
   
For the three months ended 
   
For the nine months ended
 
   
May 31,  
   
May 31,
   
May 31,
   
May 31,
 
     
2006
   
2005
   
2006
   
2005
 
Net income
 
$
2,540
 
$
2,615
 
$
6,360
 
$
3,569
 
Weighted average shares outstanding
   
7,366
   
7,327
   
7,366
   
7,318
 
                           
Basic earnings per share
 
$
0.34
 
$
0.36
 
$
0.86
 
$
0.49
 
                           
(Net income divided by shares outstanding)
                         
                           
Dilutive securities (options outstanding)
   
12
   
16
   
11
   
16
 
                           
Weighted average shares, diluted
   
7,378
   
7,343
   
7,377
   
7,334
 
                           
Fully diluted earnings per share
 
$
0.34
 
$
0.36
 
$
0.86
 
$
0.49
 
                           
(Net income divided by diluted shares)