<PAGE>
<TABLE>
                                                     Exhibit 11.1

                SEQUA CORPORATION & SUBSIDIARIES
      COMPUTATIONS OF BASIC AND DILUTED EARNINGS PER SHARE
                For the Six Months Ended June 30,
          (Amounts in thousands, except per share data)

<CAPTION>
                                                1998       1997
                                                ----       ----
<S>                                           <C>        <C>    
BASIC
-----
 Earnings
   Net income                                 $16,732    $ 6,080
   Preferred dividends                         (1,141)    (1,525)
                                              -------    -------
   
   Net income available to common
     shareholders                             $15,591    $ 4,555
                                              =======    =======

 Shares
   Weighted average common shares
     outstanding                               10,188      9,940
                                              =======    =======

 Basic earnings per share                     $  1.53    $   .46
                                              =======    =======

DILUTED *
-------
  Earnings
    Net income                                $16,732    $ 6,080
    Preferred dividends                        (1,141)    (1,525)
                                              -------   --------

    Net income available to common
      shareholders                            $15,591    $ 4,555
                                              =======    =======

  Shares
    Weighted average common shares
      outstanding                              10,188      9,940
    Stock options, with a dilutive effect          63         48
    Adjusted weighted average common
      shares outstanding                       10,251      9,988
                                              =======    =======

  Diluted earnings per share                  $  1.52    $   .46
                                              =======    =======

<FN>

*  The conversion of the Company's preferred stock is
   antidilutive in all periods presented when the preferred stock
   dividends are added back to income available to common
   shareholders.
</TABLE>



<PAGE>
<TABLE>
                                                     Exhibit 11.1

                SEQUA CORPORATION & SUBSIDIARIES
      COMPUTATIONS OF BASIC AND DILUTED EARNINGS PER SHARE
               For the Three Months Ended June 30,
          (Amounts in thousands, except per share data)


<CAPTION>
                                                1998       1997
                                                ----       ----
<S>                                           <C>        <C>    
BASIC
-----
 Earnings
   Net income                                 $11,914    $ 4,555
   Preferred dividends                           (516)      (762)
                                              -------    -------
   
   Net income available to common
     shareholders                             $11,398    $ 3,793
                                              =======    =======

 Shares
   Weighted average common shares
     outstanding                               10,309      9,963
                                              =======    =======

 Basic earnings per share                     $  1.11    $   .38
                                              =======    =======

DILUTED *
-------
  Earnings
    Net income                                $11,914    $ 4,555
    Preferred dividends                          (516)      (762)
                                              -------   --------

    Net income available to common
      shareholders                            $11,398    $ 3,793
                                              =======    =======

  Shares
    Weighted average common shares
      outstanding                              10,309      9,963
    Stock options, with a dilutive effect          64         58
                                              -------    -------
    Adjusted weighted average common
      shares outstanding                       10,373     10,021
                                              =======    =======

  Diluted earnings per share                  $  1.10    $   .38
                                              =======    =======


<FN>
*  The conversion of the Company's preferred stock is
   antidilutive in all periods presented when the preferred stock
   dividends are added back to income available to common
   shareholders.
</TABLE>