FIRST ALBANY COMPANIES INC. (Exhibit 11)
COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
March 27, March 29,
(In thousands of dollars, except per share amounts) 1997 1996
Primary:
- --------------------------------------------------------------------------------
Net income $ 371 $1,754
================================================================================
Weighted average number of shares
outstanding during the period* 5,400 5,321
Incremental shares under stock options
computed under the treasury stock
method using the average market price
of the issuer's stock during the period 362 397
- --------------------------------------------------------------------------------
Weighted average shares and common
equivalent shares outstanding 5,762 5,718
================================================================================
Net income per share $ 0.06 $ 0.31
================================================================================
Fully Diluted:
- --------------------------------------------------------------------------------
Net income $ 371 $1,754
================================================================================
Weighted average number of shares
outstanding during the period* 5,400 5,321
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 362 397
- --------------------------------------------------------------------------------
Weighted average shares and common
equivalent shares outstanding 5,762 5,718
================================================================================
Net income per share $ 0.06 $ 0.31
================================================================================
*Per share figures and shares outstanding have been restated
for all dividends declared, including the May 1997 5% stock dividends.