FIRST ALBANY COMPANIES INC.              (Exhibit 11)
                     COMPUTATION OF PER SHARE EARNINGS
                                     
                                     
                                     

                                     
                                 Three Months Ended         Six Months Ended
                                June, 27     June 28,     June, 27     June 28,
(In thousands of dollars,        1997         1996         1997         1996
   except per share amounts)    
                                                            
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Primary:

- --------------------------------------------------------------------------------
 Net income                   $   191       $ 1,585       $   561     $ 3,339
================================================================================

Weighted average number of 
shares outstanding during 
the period**                    5,430         5,223         5,415       5,261

Incremental shares under stock 
options computed under the 
treasury stock method using the 
average market price of the 
issuer's stock during the period  439           407           400         390
- --------------------------------------------------------------------------------

Weighted average shares and 
common equivalent shares 
outstanding                     5,869         5,630         5,815       5,651
================================================================================
Net income per share          $  0.03       $  0.28       $  0.10     $  0.59
================================================================================


Fully Diluted:

- --------------------------------------------------------------------------------
Net income                    $   191       $ 1,585       $   561     $ 3,339
================================================================================

Weighted average number of 
shares outstanding during 
the period**                    5,430         5,223         5,415       5,261

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         505            407           433         414
- --------------------------------------------------------------------------------

Weighted average shares and 
common equivalent shares 
outstanding                    5,935          5,630         5,848       5,675
================================================================================
Net income per share         $  0.03        $  0.28       $  0.10     $  0.59
================================================================================



**Per share figures and shares outstanding have been restated for all
dividends declared.