Sterling Bancorp 10-Q 2006 Q3 Quarterly report

Exhibit 11

STERLING BANCORP AND SUBSIDIARIES

Statement Re: Computation of Per Share Earnings

	Three Months Ended September 30,					Nine Months Ended September 30,
	2006			2005		2006			2005
Income from continuing operations,   net of tax	$	5,002,989		$	6,028,809	$	16,866,314		$	17,141,577
(Loss) income from discontinued   operations, net of tax:		(9,420,480	)		245,140		(9,978,187	)		955,248
Net (loss) income available for   common shareholders	$	(4,417,491	)	$	6,273,949	$	6,888,127		$	18,096,825
Weighted average common   shares outstanding		18,712,072			19,229,677		18,752,107			19,209,914
Add dilutive effect of:
Stock options		518,751			621,903		522,751			597,043
Adjusted for assumed diluted   computation		19,230,823			19,851,580		19,274,858			19,806,957
Income from continuing operations,   net of tax, per average   common share:
Basic	$	0.27		$	0.31	$	0.90		$	0.89
Diluted	$	0.27		$	0.30	$	0.88		$	0.86
(Loss) income from discontinued   operations, net of tax, per average   common share:
Basic		($ 0.50	)	$	0.01		($ 0.53	)	$	0.05
Diluted		($ 0.50	)(1)	$	0.01		($ 0.52	)	$	0.05
Net (loss) income, per average   common share
Basic		($ 0.23	)	$	0.32	$	0.37		$	0.94
Diluted		($ 0.23	)(1)	$	0.31	$	0.36		$	0.91

(1) Due to a loss for the period, zero incremental shares are included because the effect would be antidilutive.

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