EX-11 3 j3162_ex11.htm EX-11 ----------

EXHIBIT 11

 

THE NEWHALL LAND AND FARMING COMPANY

 

COMPUTATION OF EARNINGS PER UNIT

(in thousands, except  per unit)

 

 

 

 

Years Ended December 31

 

 

 

2001

 

2000

 

1999

 

Partnership Units

 

 

 

 

 

 

 

Average number of units outstanding during the period

 

25,284

 

27,658

 

31,388

 

 

 

 

 

 

 

 

 

Net units issuable in connection with dilutive options based upon use of the treasury stock method

 

296

 

311

 

280

 

 

 

 

 

 

 

 

 

Average number of primary units

 

25,580

 

27,969

 

31,668

 

 

 

 

 

 

 

 

 

Net income

 

$

91,057

 

$

85,396

 

$

90,392

 

 

 

 

 

 

 

 

 

Net income per unit

 

$

3.60

 

$

3.09

 

$

2.88

 

 

 

 

 

 

 

 

 

Net income per unit - assuming dilution

 

$

3.56

 

$

3.05

 

$

2.85