Bank of New York Co.'s soaring stock price shows investor confidence in the company - but it also is about to trigger a jolt to earnings per share.

Next week the price, which was $42.25 on Thursday, will likely exceed the $31 for the 11th week in the same quarter. Under the terms of the bank's 1988 hostile takeover of Irving Bank Corp., this means that former Irving shareholders can now exercise warrants to buy 27 million Bank of New York shares at $31.

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