FIRST ALBANY COMPANIES INC. (Exhibit 11)
COMPUTATION OF PER SHARE EARNINGS ------------
Three Months Ended Six Months Ended
June 30, June 26, June 30, June 26,
1999 1998 1999 1998
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Basic:
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Net income $ 817 $1,087 $ 20 $2,494
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Weighted average number of shares
outstanding during the period 6,937 6,829 6,931 6,819
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Net income per share $ 0.12 $ 0.16 $ 0.00 $ 0.37
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Dilutive:
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Net income $ 817 $1,087 $ 20 $2,494
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Weighted average number of shares
outstanding during the period 6,937 6,829 6,931 6,819
Effective of dilutive common
equivalent shares 926 764 777 748
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Weighted average shares and common
equivalent shares outstanding 7,863 7,593 7,708 7,567
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Net income per share $ 0.10 $ 0.14 $ 0.00 $ 0.33
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**Per share figures and shares outstanding have been restated for all dividends
declared.