Exhibit No. 11
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FIRST EMPIRE STATE CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Amounts in thousands, except per share data
Three months ended Six months ended
June 30 June 30
1994 1993 1994 1993
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Primary Average common shares outstanding 6,797 6,873 6,834 6,861
Common stock equivalents * 217 229 214 225
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Primary common shares outstanding 7,014 7,102 7,048 7,086
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Net income $28,681 25,185 56,309 49,507
Less: Cash dividends on preferred stock 900 900 1,800 1,800
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Net income available to common shareholders $27,781 24,285 54,509 47,707
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Earnings per common share - primary $3.96 3.42 7.73 6.73
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Fully diluted Average common shares outstanding 6,797 6,873 6,834 6,861
Common stock equivalents * 237 229 237 230
Assumed conversion of 9% cumulative convertible
preferred stock 507 507 507 507
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Fully diluted average common shares outstanding 7,541 7,609 7,578 7,598
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Net income $28,681 25,185 56,309 49,507
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Earnings per common share - fully diluted $3.80 3.31 7.43 6.52
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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.