Exhibit 11

Arrow Financial Corporation and Subsidiaries

Statement Re: Computation of Per Share Earnings

1999 1998 1997 1996 1995

Basic Earnings Per Share:

Net Income $12,859 $11,835 $10,997 $20,260 $12,424

Weighted Shares Outstanding 7,639 7,878 8,038 8,504 9,025

Basic Earnings Per Share $1.68 $1.50 $1.37 $2.38 $1.38

Diluted Earnings Per Share:

Net Income $12,859 $11,835 $10,997 $12,290 $12,424

Weighted Shares Outstanding 7,639 7,878 8,038 8,504 9,025

Stock Options - Equivalent Shares 102 121 109 88 76

Total Equivalent Shares 7,741 7,999 8,147 8,592 9,101

Diluted Earnings Per Share $1.66 $1.48 $1.35 $2.36 $1.37

	1999	1998	1997	1996	1995
Basic Earnings Per Share:
Net Income	$12,859	$11,835	$10,997	$20,260	$12,424
Weighted Shares Outstanding	7,639	7,878	8,038	8,504	9,025
Basic Earnings Per Share	$1.68	$1.50	$1.37	$2.38	$1.38

Diluted Earnings Per Share:
Net Income	$12,859	$11,835	$10,997	$12,290	$12,424
Weighted Shares Outstanding	7,639	7,878	8,038	8,504	9,025
Stock Options - Equivalent Shares	102	121	109	88	76
Total Equivalent Shares	7,741	7,999	8,147	8,592	9,101
Diluted Earnings Per Share	$1.66	$1.48	$1.35	$2.36	$1.37