36
Exhibit No. 11
--------------
- ------------------------------------------------------------------------------------------
FIRST EMPIRE STATE CORPORATION
- ------------------------------------------------------------------------------------------
COMPUTATION OF EARNINGS PER COMMON SHARE
Amounts in thousands, except per share data
Three months ended
March 31
1995 1994
----------------------------------------------------------------------------------------
Primary Average common shares outstanding 6,589 6,871
Common stock equivalents * 231 212
----------------------------------------------------------------------------------------
Primary common shares outstanding 6,820 7,083
----------------------------------------------------------------------------------------
Net income $27,168 27,628
Less: Cash dividends on preferred stock 900 900
----------------------------------------------------------------------------------------
Net income available to common shareholders $26,268 26,728
----------------------------------------------------------------------------------------
Earnings per common share - primary $3.85 3.77
----------------------------------------------------------------------------------------
Fully diluted Average common shares outstanding 6,589 6,871
Common stock equivalents * 288 212
Assumed conversion of 9% cumulative convertible
preferred stock 507 507
----------------------------------------------------------------------------------------
Fully diluted average common shares outstanding 7,384 7,590
----------------------------------------------------------------------------------------
Net income $27,168 27,628
----------------------------------------------------------------------------------------
Earnings per common share - fully diluted $3.68 3.64
----------------------------------------------------------------------------------------
* Represents shares of First Empire's common stock issuable upon the assumed
exercise of outstanding stock options granted pursuant to the First Empire State
Corporation 1983 Stock Option Plan under the "treasury stock" method of accounting.
37