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FIRST EMPIRE STATE CORPORATION AND SUBSIDIARIES
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COMPUTATION OF EARNINGS PER COMMON SHARE
Amounts in thousands, except per share Three months ended
March 31
1996 1995
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Primary Average common shares outstanding 6,399 6,589
Common stock equivalents* 379 231
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Primary common shares outstanding 6,778 6,820
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Net income $36,153 27,168
Less: Cash dividends on preferred stock 900 900
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Net income available to common shareholders $35,253 26,268
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Earnings per common share - primary $5.20 3.85
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Fully diluted Average common shares outstanding 6,399 6,589
Common stock equivalents* 406 288
Assumed conversion of 9% convertible
preferred stock 490 507
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Fully diluted average common shares outstanding 7,295 7,384
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Net income $36,153 27,168
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Earnings per common share - fully diluted $4.96 3.68
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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.
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