1




                                                                EXHIBIT 11


                           FIRST BELL BANCORP, INC.
                       COMPUTATION OF EARNINGS PER SHARE
                   FOR THE THREE MONTHS ENDED MARCH 31, 1996
                   (In Thousands, except per share amounts)
                                 (unaudited)


                                                                
Net income applicable to common stock                       $2,111
                                                            ======

EARNINGS PER SHARE

Average number of shares of common stock outstanding         8,417

LESS:  Weighted average unallocated ESOP shares                654
                                                            ------
                                                             7,763
                                                            ======

Earnings per share                                          $ 0.27
                                                            ======