The object of this paper is a refinement in the calculation of net returns (profit) to farmers by improving the measurement of one of the costs of farming, the opportunity cost of the farm owner-operator's time. This opportunity cost is often measured as the number of hours the owner-operator works on the farm multiplied by the average wage of hired farmers, plus a portion of farm income. In this paper, I estimate the opportunity cost of time for individual farm operators by imputing an alternative off -farm wage foy each individual based on that individual's characteristics. The results suggest that average net returns to farmers are negative for all regions in the United States with the Northeast being the lowest. Average personal income for farmers is, however, positive in all regions.