Exhibit No. 11
- ------------------------------------------------------------------------------------------------------------------------------------
FIRST EMPIRE STATE CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF EARNINGS PER COMMON SHARE
Three months ended Six months ended
June 30 June 30
Amounts in thousands, except per share data 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Primary Average common shares outstanding 6,506 6,797 6,547 6,834
Common stock equivalents * 262 217 247 214
- ------------------------------------------------------------------------------------------------------------------------------------
Primary common shares outstanding 6,768 7,014 6,794 7,048
- ------------------------------------------------------------------------------------------------------------------------------------
Net income $31,454 28,681 58,622 56,309
Less: Cash dividends on preferred stock 900 900 1,800 1,800
- ------------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders $30,554 27,781 56,822 54,509
- ------------------------------------------------------------------------------------------------------------------------------------
Earnings per common share - primary $4.51 3.96 8.36 7.73
- ------------------------------------------------------------------------------------------------------------------------------------
Fully diluted Average common shares outstanding 6,506 6,797 6,547 6,834
Common stock equivalents * 280 237 284 237
Assumed conversion of 9% cumulative convertible
preferred stock 507 507 507 507
- ------------------------------------------------------------------------------------------------------------------------------------
Fully diluted average common shares outstanding 7,293 7,541 7,338 7,578
- ------------------------------------------------------------------------------------------------------------------------------------
Net income $31,454 28,681 58,622 56,309
- ------------------------------------------------------------------------------------------------------------------------------------
Earnings per common share - fully diluted $4.31 3.80 7.99 7.43
- ------------------------------------------------------------------------------------------------------------------------------------
* 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.