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:

	Year Ended December 31,
	2007		2006		2005
	(000’s except share data)
Numerator:
Net income available to common shareholders for basic and diluted earnings per share	$	34,483	$	34,059	$	30,945
Denominator:
Denominator for basic earnings per common share — weighted average shares(1)		9,789,018		9,847,917		9,822,647
Effect of diluted securities:
Stock options(1)		392,494		316,389		348,027
Denominator for diluted earnings per common share — diluted weighted average shares(1)		10,181,512		10,164,306		10,170,674
Basic earnings per common share(1)	$	3.52	$	3.46	$	3.15
Diluted earnings per common share(1)		3.39		3.35		3.04

(1) Adjusted for the effects of the 10 percent stock dividends in 2007 and 2006.