Exhibit 11. Computation of per share earnings

      The following table sets forth the computation of basic and diluted earnings per common share for Hudson Valley Holding Corp. for each of the years indicated:

			(000’s except share data)
			Year ended December 31
			2002		2001		2000
Numerator:
	Net income available to common shareholders for basic and diluted earnings per share		$	21,584	$	18,881	$	16,158
Denominator:
	Denominator for basic earnings per common share — weighted average shares(1)			5,847,879		5,745,852		5,668,855
	Effect of diluted securities:
		Stock options(1)		160,548		154,796		163,816
Denominator for diluted earnings per common share — adjusted weighted average shares(1)				6,008,427		5,900,648		5,832,671
Basic earnings per common share(1)			$	3.69	$	3.29	$	2.85
Diluted earnings per common share(1)			$	3.59	$	3.20	$	2.77

(1) Adjusted for the effects of the 10 percent stock dividends in 2002, 2001 and 2000.