<PAGE>
Exhibit (11)
PATRIOT TRANSPORTATION HOLDING, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
THREE MONTHS NINE MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2000 1999 2000 1999
Net income $ 865,000 1,143,000 1,914,000 4,251,000
Common shares:
Weighted average shares
outstanding during the
period - shares used for
basic earnings per share 3,274,291 3,431,129 3,338,791 3,449,994
Shares issuable under stock
options which are poten-
tially dilutive 10,681 22,249 18,469 23,547
Shares used for diluted earnings
per share 3,284,972 3,453,378 3,357,260 3,473,541
Basic earnings per
common share $.26 .33 .57 1.23
Diluted earnings
per common share $.26 .33 .57 1.22
<PAGE>
