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,
	2008		2007		2006
	(000’s except share data)
Numerator:
Net income available to common shareholders for basic and diluted earnings per share	$	30,877	$	34,483	$	34,059
Denominator:
Denominator for basic earnings per common share — weighted average shares(1)		10,881,761		10,767,920		10,832,709
Effect of diluted securities:
Stock options(1)		368,326		431,743		348,027
Denominator for diluted earnings per common share — diluted weighted average shares(1)		11,250,087		11,199,663		11,180,736
Basic earnings per common share(1)	$	2.84	$	3.20	$	3.14
Diluted earnings per common share(1)		2.74		3.08		3.05

(1) Adjusted for the effects of the 10 percent stock dividends in 2008 and 2007.