EXHIBIT 11

THE NEWHALL LAND AND FARMING COMPANY

COMPUTATION OF EARNINGS PER UNIT
(in thousands, except per unit)

		Years Ended December 31
		2000		1999		1998
Partnership Units
	Average number of units outstanding during the period		27,658		31,388		33,986
	Net units issuable in connection with dilutive options based upon use of the treasury stock method		311		280		390
	Average number of primary units		27,969		31,668		34,376
Net income		$	85,396	$	90,392	$	64,080
Net income per unit		$	3.09	$	2.88	$	1.89
Net income per unit—assuming dilution		$	3.05	$	2.85	$	1.86