FIRST ALBANY COMPANIES INC. (Exhibit 11)
COMPUTATION OF PER SHARE EARNINGS
<TABLE>
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
(In thousands, except per share 2000 1999 2000 1999
amounts)
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<S> <C> <C> <C> <C>
Basic:
(Loss) income from continuing
operations $ (1,974) $ (971) $ (2,459) $ (4,286)
(Loss) income from discontinued
operations, net of taxes (2,040) 541 422 3,876
Gain on sale of discontinued
operations, net of taxes 22,799 22,799
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Net income (loss) $ 18,785 $ (430) $ 20,762 $ (410)
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Weighted average number of shares
outstanding during the period 7,955 8,043 8,253 8,030
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(Loss) income per share for continuing
operations $ (0.25) $ (0.12) $ (0.30) $ (0.53)
(Loss) income per share for
discontinued operations (0.26) 0.07 0.06 0.48
Gain per share for sale of
discontinued operations 2.87 2.76
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Net income (loss) per share $ 2.36 $ (0.05) $ 2.52 $ (0.05)
=============================================================================================
Dilutive:
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(Loss) income from continuing
operations $ (1,974) $ (971) $ (2,459) $ (4,286)
(Loss) income from discontinued
operations, net of taxes (2,040) 541 422 3,876
Gain on sale of discontinued
operations, net of taxes 22,799 22,799
---------------------------------------------------------------------------------------------
Net income (loss) $ 18,785 $ (430) $ 20,762 $ (410)
=============================================================================================
Weighted average number of shares
outstanding during the period 7,955 8,043 8,253 8,030
Effective of dilutive common
equivalent shares
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Weighted average shares and common
equivalent shares outstanding 7,955 8,043 8,253 8,030
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(Loss) income per share for continuing
operations $ (0.25) $ (0.12) $ (0.30) $ (0.53)
(Loss) income per share for
discontinued operations (0.26) 0.07 0.06 0.48
Gain per share for sale of
discontinued operations 2.87 2.76
---------------------------------------------------------------------------------------------
Net income (loss) per share $ 2.36 $ (0.05) $ 2.52 $ (0.05)
=============================================================================================
</TABLE>
**Per share figures and shares outstanding have been restated for all dividends
declared.
