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Exhibit No. 11
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FIRST EMPIRE STATE CORPORATION
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COMPUTATION OF EARNINGS PER COMMON SHARE
Amounts in thousands, except per share data
Three months ended Nine months ended
September 30 September 30
1994 1993 1994 1993
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Primary Average common shares outstanding 6,647 6,876 6,771 6,866
Common stock equivalents * 252 221 227 224
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Primary common shares outstanding 6,899 7,097 6,998 7,090
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Net income $29,098 25,852 85,407 75,359
Less: Cash dividends on preferred stock 900 900 2,700 2,700
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Net income available to common shareholders $28,198 24,952 82,707 72,659
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Earnings per common share - primary $4.09 3.52 11.82 10.25
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Fully diluted Average common shares outstanding 6,647 6,876 6,771 6,866
Common stock equivalents * 252 221 252 227
Assumed conversion of 9% cumulative convertible
preferred stock 507 507 507 507
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Fully diluted average common shares outstanding 7,406 7,604 7,530 7,600
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Net income $29,098 25,852 85,407 75,359
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Earnings per common share - fully diluted $3.93 3.40 11.34 9.92
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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.