Exhibit No.11.1
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FIRST EMPIRE STATE CORPORATION AND SUBSIDIARIES
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THREE MONTHS ENDED SIX MONTHS ENDED
COMPUTATION OF EARNINGS PER COMMON SHARE JUNE 30 JUNE 30
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE 1997 1996 1997 1996
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Primary Average common shares outstanding 6,627 6,832 6,656 6,616
Common stock equivalents * 301 380 358 379
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Primary common shares outstanding 6,928 7,212 7,014 6,995
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Net income $42,791 38,659 84,050 74,812
Less: Cash dividends on preferred stock 0 0 0 900
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Net income available to common
shareholders $42,791 38,659 84,050 73,912
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Earnings per common share--primary $ 6.17 5.36 11.98 10.56
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Fully diluted Average common shares outstanding 6,627 6,832 6,656 6,616
Common stock equivalents * 323 384 376 384
Assumed conversion of 9% convertible
preferred stock 0 0 0 245
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Fully diluted average common shares
outstanding 6,950 7,216 7,032 7,245
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Net income $42,791 38,659 84,050 74,812
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Earnings per common share--fully diluted $ 6.15 5.36 11.95 10.32
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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.
