##### 



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   
|                                                                                            |                                                                                          |                          
|                                                                                            |                                                                                          | 2003                      |           | 2002      |         | 2001
|                                                                                            |                                                                                          |                           |           |           |         |     
|Numerator:                                                                                  |                                                                                          |                           |           |           |         |      |           |           |         |   |           |          
|                                                                                            | Net income available to common shareholders for
    basic and diluted earnings per share |                           | $         | 24,207    |         |      | $         | 21,584    |         |   | $         | 18,881    |        
|Denominator:                                                                                |                                                                                          |                           |           |           |         |      |           |           |         |   |           |          
|                                                                                            | Denominator for basic earnings per common share
     weighted average shares(1)         |                           |           | 6,532,625 |         |      |           | 6,432,667 |         |   |           | 6,320,437 |        
|                                                                                            | Effect of diluted securities:                                                            |                           |           |           |         |      |           |           |         |   |           |           |        
|                                                                                            |                                                                                          | Stock options(1)          |           |           | 149,611 |      |           |           | 176,603 |   |           |           | 170,276 | 
|                                                                                            |                                                                                          |                           |           |           |         |      |           |           |         |   |           |          
|Denominator for diluted earnings per common share
     adjusted weighted average shares(1) |                                                                                          |                           | 6,682,236 |           |         |      | 6,609,270 |           |         |   | 6,490,713 |          
|                                                                                            |                                                                                          |                           |           |           |         |      |           |           |         |   |           |          
|Basic earnings per common share(1)                                                          |                                                                                          | $                         | 3.71      |           |         | $    | 3.36      |           |         | $ | 2.99      |          
|Diluted earnings per common share(1)                                                        |                                                                                          | $                         | 3.62      |           |         | $    | 3.27      |           |         | $ | 2.91      |          




(1) Adjusted for the effects of the 10
percent stock dividends in 2003, 2002 and 2001.