EXHIBIT 11

THE NEWHALL LAND AND FARMING COMPANY

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

		Years Ended December 31
		2002		2001		2000
Partnership Units
	Average number of units outstanding during the period		24,052		25,284		27,658
	Net units issuable in connection with dilutive options based upon use of the treasury stock method		341		296		311
	Average number of primary units		24,393		25,580		27,969
Net income		$	40,575	$	91,057	$	85,396
Net income per unit		$	1.69	$	3.60	$	3.09
Net income per unit—assuming dilution		$	1.66	$	3.56	$	3.05