EXHIBIT 11


                            FIRST BELL BANCORP, INC.
          COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
             FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)


 
 
                                                THREE MONTHS  NINE MONTHS
                                                   ENDED         ENDED
                                                  9/30/97       9/30/97
                                                ------------  -----------
                                                        
Net income applicable to common stock               $1,846      $5,756
                                                    ======      ======
                                                             
PRIMARY EARNINGS PER SHARE                                   
                                                             
Average number of shares of common stock                     
 outstanding                                         6,511       6,876
                                                             
Add:  Common stock equivalents                         156         132
                                                             
Less:  Weighted average unearned ESOP shares           607         619
                                                    ------      ------
Weighted Average Outstanding Shares                  6,060       6,389
                                                    ======      ======
                                                             
Primary earnings per share                          $ 0.30      $ 0.89
                                                    ======      ======
FULLY DILUTED EARNINGS PER SHARE

Average number of shares of common stock
 outstanding                                         6,511       6,876
 
Add:  Common stock equivalents                         173         173
 
Less:  Weighted average unearned ESOP shares           607         619
                                                    ------      ------
                                                           
Weighted average outstanding shares                  6,077       6,430
                                                    ======      ======
                                                           
Fully diluted earnings per share                    $ 0.30      $ 0.89
                                                    ======      ======