Exhibit 11
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FIRST EMPIRE STATE CORPORATION AND SUBSIDIARIES
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COMPUTATION OF EARNINGS PER COMMON SHARE
Year ended December 31
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Amounts in thousands, except per share 1995 1994 1993
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Primary
Average common shares outstanding 6,499 6,729 6,869
Common stock equivalents * 282 223 222
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Primary common shares outstanding 6,781 6,952 7,091
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Net income $ 131,036 117,295 101,992
Less: Preferred stock dividends 3,600 3,600 3,600
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Net income available to common shareholders 127,436 113,695 98,392
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Earnings per common share - primary $ 18.79 16.35 13.87
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Fully diluted
Average common shares outstanding 6,499 6,729 6,869
Common stock equivalents * 362 228 225
Assumed conversion of convertible
preferred stock 507 507 507
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Fully diluted average common shares
outstanding 7,368 7,464 7,601
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Net income $ 131,036 117,295 101,992
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Earnings per common share - fully diluted $ 17.78 15.71 13.42
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* Represents shares issuable upon the assumed exercise of outstanding common
stock options under the "treasury stock" method of accounting.
