<PAGE>
<TABLE>
                                                     Exhibit 11.1

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

<CAPTION>
                                                1998       1997 
                                                ----       ---- 
<S>                                           <C>        <C>    
BASIC
-----
 Earnings
   Net income                                 $27,288    $12,729
   Preferred dividends                         (1,657)    (2,288)
                                              -------    -------
   
   Net income available to common
     shareholders                             $25,631    $10,441
                                              =======    =======

 Shares
   Weighted average common shares
     outstanding                               10,239      9,956
                                              =======    =======

 Basic earnings per share                     $  2.50    $  1.05
                                              =======    =======

DILUTED *
-------
  Earnings
    Net income                                $27,288    $12,729
    Preferred dividends                        (1,657)    (2,288)
                                              -------   --------

    Net income available to common
      shareholders                            $25,631    $10,441
                                              =======    =======

  Shares
    Weighted average common shares
      outstanding                              10,239      9,956
    Stock options, with a dilutive effect           8         31
                                              -------    -------
    Adjusted weighted average common
      shares outstanding                       10,247      9,987
                                              =======    =======

  Diluted earnings per share                  $  2.50    $  1.05
                                              =======    =======



<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 September 30,
          (Amounts in thousands, except per share data)

<CAPTION>

                                                1998       1997 
                                                ----       ---- 
<S>                                           <C>        <C>    
BASIC 
-----
 Earnings
   Net income                                 $10,556    $ 6,649
   Preferred dividends                           (516)      (763)
                                              -------    -------
   
   Net income available to common
     shareholders                             $10,040    $ 5,886
                                              =======    =======

 Shares
   Weighted average common shares
     outstanding                               10,340      9,984
                                              =======    =======

 Basic earnings per share                     $   .97    $   .59
                                              =======    =======

DILUTED *
-------
  Earnings
    Net income                                $10,556    $ 6,649
    Preferred dividends                          (516)      (763)
                                              -------   --------

    Net income available to common
      shareholders                            $10,040    $ 5,886
                                              =======    =======

  Shares
    Weighted average common shares
      outstanding                              10,340      9,984
    Stock options, with a dilutive effect           7         39
                                              -------    -------
    Adjusted weighted average common
      shares outstanding                       10,347     10,023
                                              =======    =======

  Diluted earnings per share                  $   .97    $   .59
                                              =======    =======


<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>