FIRST ALBANY COMPANIES INC. (Exhibit 11)
COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
March 27, March 27,
(In thousands of dollars, except per share amounts) 1998 1997
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Basic:
Net income $ 1,407 $ 371
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Weighted average number of shares
outstanding during the period 6,176 5,953
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Net income per share $ 0.23 $ 0.06
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Dilutive:
Net income $ 1,407 $ 371
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Weighted average number of shares
outstanding during the period 6,176 5,953
Effective of dilutive common
equivalent shares 664 399
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Weighted average shares and
dilutive common equivalent shares
for dilutive earnings per share 6,840 6,352
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Net income per share $ 0.21 $ 0.06
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*Per share figures and shares outstanding have been restated for all
dividends declared, including the May 1998 5% stock dividends.