Exhibit No. 11.1
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FIRST EMPIRE STATE CORPORATION AND SUBSIDIARIES
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THREE MONTHS ENDED
MARCH 31
COMPUTATION OF EARNINGS PER COMMON SHARE
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE 1997 1996
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Primary Average common shares outstanding...................... 6,685 6,399
Common stock equivalents *............................. 415 379
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Primary common shares outstanding...................... 7,100 6,778
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Net income............................................. $41,259 36,153
Less: Cash dividends on preferred stock................ -- 900
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Net income available to common shareholders........... $41,259 35,253
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Earnings per common share--primary..................... $5.81 5.20
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Fully diluted Average common shares outstanding...................... 6,685 6,399
Common stock equivalents *............................. 429 406
Assumed conversion of 9% convertible
preferred stock....................................... -- 490
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Fully diluted average common shares outstanding..... 7,114 7,295
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Net income..................................... $41,259 36,153
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Earnings per common share--fully diluted....... $5.80 4.96
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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.
