Estimation of water column optical properties and seafloor reflectance (532 nm) is demonstrated using recent SHOALS data collected at Fort Lauderdale, Florida (November, 2003). To facilitate this work, the first radiometric calibrations of SHOALS were performed. These calibrations permit a direct normalization of recorded data by converting digitized counts at the output of the SHOALS receivers to input optical power. For estimation of environmental parameters, this normalization is required to compensate for the logarithmic compression of the signals and the finite frequency of the bandpass of the detector/amplifier. After normalization, the SHOALS data are used to estimate the backscattering coefficient, the beam attenuation coefficient, the single-scattering albedo, the VSF asymmetry, and seafloor reflectance by fitting simulated waveforms to actual waveforms measured by the SHOALS APD and PMT receivers. The resulting estimates of these water column optical properties are compared to in-situ measurements acquired at the time of the airborne data collections. Images of green laser bottom reflectance are also presented and compared to reflectance estimated from simultaneously acquired passive spectral data.