<PAGE>
<TABLE>
                                                                   EXHIBIT 11.1


                               SEQUA CORPORATION
      CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS (LOSS) PER SHARE
               (Amounts in thousands, except earnings per share)

<CAPTION>
                                                           (Unaudited)
                                                       For the Six Months
                                                          Ended June 30  , 
                                                        -----------------
                                                         1997       1996
                                                         ----       ----
  <S>                                                 <C>         <C>
  PRIMARY
  -------

     Earnings (loss)
       Net income (loss)                              $  6,080    $ (5,138)
       Preferred stock dividends                        (1,525)     (1,583)
                                                      --------    --------
       Net income (loss) applicable to common
         shareholders                                 $  4,555    $ (6,721)
                                                      ========    ========

     Shares
       Common and common equivalent shares               9,988       9,867
                                                      ========    ========

     Primary earnings (loss) per common share         $    .46    $   (.68)
                                                      ========    ========

  SHARES
  ------

     Weighted average common shares outstanding          9,940       9,867
     Common shares issuable in respect to common
       stock equivalents, with a dilutive effect            48        -   
     Common and common equivalent shares                 9,988       9,867
                                                      ========    ========

* FULLY DILUTED
  -------------

     Earnings (loss)
       Net income (loss)                              $  6,080    $ (5,138)
                                                      ========    ========

     Shares
       Common and common equivalent shares              10,820      10,705
                                                      ========    ========

     Fully diluted earnings (loss)
       per common share                               $    .56    $   (.48)
                                                      ========    ========

  SHARES
  ------

     Weighted average common shares outstanding          9,940       9,867
     Preferred stock assumed to be converted               807         838
     Common shares issuable in respect to common
       stock equivalents, with a dilutive effect            73        -   
                                                      --------    --------
     Common and common equivalent shares                10,820      10,705
                                                      ========    ========


<FN>
(*)The 1997 and 1996 fully diluted earnings (loss) per share calculations are
anti-dilutive; therefore, fully diluted losses per share have not been
presented in the Consolidated Statement of Income.
</TABLE>



<PAGE>
<TABLE>
                                                                   EXHIBIT 11.1


                               SEQUA CORPORATION
      CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS (LOSS) PER SHARE
               (Amounts in thousands, except earnings per share)

<CAPTION>
                                                           (Unaudited)
                                                       For the Three Months
                                                          Ended June 30  , 
                                                        -----------------
                                                         1997       1996
                                                         ----       ----
  <S>                                                 <C>         <C>
  PRIMARY

     Earnings (loss)
       Net income (loss)                              $  4,555    $ (1,385)
       Preferred stock dividends                          (762)       (792)
                                                      --------    --------
       Net income (loss) applicable to common
         shareholders                                 $  3,793    $ (2,177)
                                                      ========    ========

     Shares
       Common and common equivalent shares              10,020       9,867
                                                      ========    ========

     Primary earnings (loss) per common share         $    .38    $   (.22)
                                                      ========    ========

  SHARES
  ------

     Weighted average common shares outstanding          9,963       9,867
     Common shares issuable in respect to common
       stock equivalents, with a dilutive effect            57        -   
                                                      --------    --------
     Common and common equivalent shares                10,020       9,867
                                                      ========    ========

* FULLY DILUTED
  -------------

     Earnings (loss)
       Net income (loss)                              $  4,555    $ (1,385)
                                                      ========    ========

     Shares
       Common and common equivalent shares              10,843      10,705
                                                      ========    ========

     Fully diluted earnings (loss)
       per common share                               $    .42    $   (.13)
                                                      ========    ========

  SHARES
  ------

     Weighted average common shares outstanding          9,963       9,867
     Preferred stock assumed to be converted               807         838
     Common shares issuable in respect to common
       stock equivalents, with a dilutive effect            73        -   
                                                      --------    --------
     Common and common equivalent shares                10,843      10,705
                                                      ========    ========


<FN>
(*)The 1997 and 1996 fully diluted earnings (loss) per share calculations are
anti-dilutive; therefore, fully diluted losses per share have not been
presented in the Consolidated Statement of Income.
</TABLE>