Try this:

=SUMIF(A1:A100,"AM",C1:C100)/COUNTIF(A1:A100,"AM")

=SUMIF(A1:A100,"PM",C1:C100)/COUNTIF(A1:A100,"PM")

HTH,
Elkar

"David" wrote:

ColumnA alternates between text "AM" and "PM"
ColumnC contains corresponding numbers/values
I want two formulas to put in Column E:
1) Average "AM" values
2) Average "PM" values

Should be simple, but I can't get it right.
Any help?

--
David