<PAGE>
EXHIBIT 11
ALBANY INTERNATIONAL CORP.
EXHIBIT 11
SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE AND DILUTED NET INCOME PER SHARE
(in thousands, except per share data)
<TABLE>
<CAPTION>
For the three months For the nine months
ended September 30, ended September 30,
2000 (1) 1999 (1) 2000 (1) 1999 (1)
========== =========== ========== ===========
<S> <C> <C> <C> <C>
Net income $9,343 $10,667 $28,754 $31,172
========== =========== ========== ===========
Weighted average number of shares 30,670,923 30,371,567 30,591,980 30,310,058
Effect of potentially dilutive securities:
Stock options (2) -- 75,190 -- 201,856
---------- ----------- ---------- -----------
Weighted average number shares,
including the effect of potentially dilutive securities 30,670,923 30,446,757 30,591,980 30,511,914
========== =========== ========== ===========
Net income per share $0.30 $0.35 $0.94 $1.03
========== =========== ========== ===========
Diluted net income per share $0.30 $0.35 $0.94 $1.02
========== =========== ========== ===========
<CAPTION>
Calculation of Weighted Average Number of Shares:
Days
Shares -----------------------------
Activity Outstanding (1) Year to Date Quarter
-------------------------------------------------------------------------------------
1999
<S> <C> <C> <C>
Beginning balance 30,220,223 30
ESOP shares - 13,772 30,234,271 28
ESOP shares - 15,530 30,250,111 31
ESOP shares - 49,234 30,300,330 20
Options - 2,400 shares 30,302,778 10
ESOP shares - 13,350 30,316,395 6
Stock dividend adjust. - 1,592 30,318,019 4
Directors shares - 2,884 30,320,961 2
Options - 1,550 shares 30,322,542 1
Options - 1,400 shares 30,323,970 4
Options - 1,000 shares 30,324,990 4
Options - 400 shares 30,325,398 10
ESOP shares - 12,335 30,337,979 14
Options - 1,800 shares 30,339,815 16
ESOP shares - 13,827 30,353,919 31 30
ESOP shares - 16,877 30,371,133 31 31
ESOP shares - 16,925 30,388,397 30 30
ESOP shares - 20,754 30,409,566 1 1
Totals
2000
Beginning balance 30,467,186 30
ESOP shares - 21,786 30,488,972 29
ESOP shares - 62,201 30,551,173 31
ESOP shares - 23,912 30,575,085 30
ESOP shares - 21,038 30,596,123 5
Directors shares - 4,760 30,600,883 26
ESOP shares - 22,177 30,623,060 30
ESOP shares - 24,526 30,647,586 31 30
ESOP shares - 21,671 30,669,257 31 31
ESOP shares - 25,069 30,694,326 30 30
ESOP shares - 26,258 30,720,584 1 1
Totals
274
<CAPTION>
Weighted Average Shares
------------------------------------------------------------------------
For the three months For the nine months
Shares ended September 30, ended September 30,
Activity Outstanding (1) 2000 1999 2000 1999
------------------------------------------------------- ------------- ----------------- ---------------- ------------
1999
<S> <C> <C> <C> <C> <C>
Beginning balance 30,220,223 3,320,904
ESOP shares - 13,772 30,234,271 3,100,951
ESOP shares - 15,530 30,250,111 3,434,994
ESOP shares - 49,234 30,300,330 2,219,804
Options - 2,400 shares 30,302,778 1,109,992
ESOP shares - 13,350 30,316,395 666,294
Stock dividend adjust. - 1,592 30,318,019 444,220
Directors shares - 2,884 30,320,961 222,132
Options - 1,550 shares 30,322,542 111,072
Options - 1,400 shares 30,323,970 444,307
Options - 1,000 shares 30,324,990 444,322
Options - 400 shares 30,325,398 1,110,820
ESOP shares - 12,335 30,337,979 1,555,794
Options - 1,800 shares 30,339,815 1,778,158
ESOP shares - 13,827 30,353,919 9,898,017 3,446,782
ESOP shares - 16,877 30,371,133 10,233,751 3,448,737
ESOP shares - 16,925 30,388,397 9,909,260 3,339,384
ESOP shares - 20,754 30,409,566 330,539 111,390
----------------- ------------
Totals 30,371,567 30,310,058
================= ============
2000
Beginning balance 30,467,186 3,335,823
ESOP shares - 21,786 30,488,972 3,226,935
ESOP shares - 62,201 30,551,173 3,456,520
ESOP shares - 23,912 30,575,085 3,347,637
ESOP shares - 21,038 30,596,123 558,323
Directors shares - 4,760 30,600,883 2,903,733
ESOP shares - 22,177 30,623,060 3,352,890
ESOP shares - 24,526 30,647,586 9,993,778 3,467,428
ESOP shares - 21,671 30,669,257 10,334,206 3,469,879
ESOP shares - 25,069 30,694,326 10,009,019 3,360,693
ESOP shares - 26,258 30,720,584 333,919 112,119
------------- ----------------
Totals 30,670,923 30,591,980
============= ================
</TABLE>
(1) Includes Class A and Class B Common Stock
(2) Incremental shares of unexercised options are calculated based on the
average price of the Company's stock for the respective period. The
calculation includes all options that are dilutive to earnings per share.