EXHIBIT 11
FIRST ALBANY COMPANIES INC. AND SUBSIDIARIES
Computation of Per Share Earnings *
(In thousands, except per share amounts)
(unaudited)
September 29, September 30, September 24,
1995 1994 1993
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Primary:
Net income $3,350 $4,492 $5,391
Weighted average number of shares
outstanding during the period 4,494 4,464 4,496
Incremental shares under stock options
computed under the treasury stock method
using the average market price of the issuer's
stock during the period 211 214 230
Weighted average shares and common
equivalent shares outstanding 4,705 4,678 4,726
Net income per share $ 0.71 $ 0.96 $ 1.14
Fully diluted:
Net income $3,350 $4,492 $5,391
Weighted average number of shares
outstanding during the period 4,494 4,464 4,496
Incremental shares under stock options
computed under the treasury stock method
using the higher of the average or ending
market price of the issuer's stock at the end
of the period 243 214 245
Weighted average shares and common
equivalent shares outstanding 4,737 4,678 4,741
Net income per share $ 0.71 $ 0.96 $ 1.14
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* All per share figures have been restated for common stock dividends declared
through October 1995.