EXHIBIT 11
FIRST ALBANY COMPANIES INC. AND SUBSIDIARIES
Computation of Per Share Earnings *
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
December 31, December 31, December 31, September 29,
1997 1996 1995 1995
<C.
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Basic:
Net income $ 1,956 $ 5,500 $ 1,553 $ 3,350
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Weighted average number
of shares outstanding
during the period 5,731 5,508 5,504 5,463
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Net income per share $ 0.34 $ 1.00 $ 0.28 $ 0.61
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Dilutive:
Net income $ 1,956 $ 5,500 $ 1,553 $ 3,350
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Weighted average number
of shares outstanding
during the period 5,731 5,508 5,504 5,463
Effective of dilutive
common equivalent shares 558 419 380 257
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Weighted average shares and
dilutive common equivalent
shares for dilutive
earnings per share 6,289 5,927 5,884 5,720
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Net income per share $ 0.31 $ 0.93 $ 0.26 $ 0.59
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* All per share figures have been restated for all common stock dividends
paid.