Exhibit No. 11
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FIRST EMPIRE STATE CORPORATION
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COMPUTATION OF EARNINGS PER COMMON SHARE
Three months ended Nine months ended
September 30 September 30
Amounts in thousands, except per share data 1995 1994 1995 1994
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Primary Average common shares outstanding 6,463 6,647 6,519 6,771
Common stock equivalents* 300 252 264 227
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Primary common shares outstanding 6,763 6,899 6,783 6,998
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Net income $35,627 29,098 94,249 85,407
Less: Cash dividends on preferred stock 900 900 2,700 2,700
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Net income available to common shareholders $34,727 28,198 91,549 82,707
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Earnings per common share - primary $5.14 4.09 13.50 11.82
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Fully diluted Average common shares outstanding 6,463 6,647 6,519 6,771
Common stock equivalents* 321 252 321 252
Assumed conversion of 9% cumulative convertible
preferred stock 507 507 507 507
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Fully diluted average common shares outstandin 7,291 7,406 7,347 7,530
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Net income $35,627 29,098 94,249 85,407
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Earnings per common share - fully diluted $4.89 3.93 12.83 11.34
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* 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.