Looks like some type of coral that was attached to large rocks at one time. As there aren't any rocks in the ocean in Alabama, it may have been a ballast stone brought in on a ship, and used for some other purpose. Cool find.
It looks like trabecular bone to me (broken)... typically found internally at the ends of "long" bones. If it is bone, how old or what from I wouldn't like to say... especially since we only have one view of it (possibly showing an articulation surface) but no size reference nor weight indication.