FIRST ALBANY COMPANIES INC.
COMPUTATION OF PER SHARE EARNINGS
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Three Months Ended Six Months Ended
(In thousands of dollars, except March 31, March 25, March 31, March 25,
per share amounts) 1995 1994 1995 1994
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Primary:
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Net income $ 512 $ 1,208 $ 1,355 $2,970
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Weighted average number of shares
outstanding during the period** 4,278 4,265 4,255 4,278
Incremental shares under stock options computed under the treasury stock method
using the average market price
of the issuer's stock during the period 196 217 193 227
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Weighted average shares and common
equivalent shares outstanding 4,474 4,482 4,448 4,505
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Net Income per share $ 0.11 $ 0.27 $ 0.30 $ 0.66
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Fully Diluted:
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Net income $ 512 $ 1,208 $ 1,355 $ 2,970
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Weighted average number of shares
outstanding during the period<F1>** 4,278 4,265 4,255 4,278
Incremental shares under stock options computed under the treasury stock method
using the higher of the average or
ending market price of the issuer's stock 199 217 195 227
at the end of the period
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Weighted average shares and common
equivalent shares outstanding 4,477 4,482 4,450 4,505
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Net Income per share $ 0.11 $ 0.27 $ 0.30 $ 0.66
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<FN>
<F1>**Per share figures and shares outstanding have been restated for all dividends
declared, including the May 1995 5% stock dividend.
</FN>