1
Exhibit 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS [1]
Years Ended December 31,
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1999 1998 1997
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Net income $ 14,563,952 $ 12,796,543 $ 10,888,403
Less: preferred dividends 65,587 51,053 36,264
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NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS 14,498,365 12,745,490 10,852,139
Add: interest on convertible subordinated debt -- -- 136,709
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NET INCOME ADJUSTED FOR DILUTED COMPUTATION $ 14,498,365 $ 12,745,490 $ 10,988,848
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 8,485,017 8,639,857 8,272,874
Add dilutive effect of:
Stock options [2] 121,552 240,644 120,020
Convertible preferred stock 242,670 244,587 246,922
Convertible subordinated debt -- -- 361,584
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ADJUSTED FOR ASSUMED DILUTED COMPUTATION 8,849,239 9,125,088 9,001,400
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BASIC EARNINGS PER SHARE $1.71 $1.48 $1.31
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DILUTED EARNINGS PER SHARES $1.64 $1.40 $1.22
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[1] The parent company's Board of Directors announced on November 18,
1999, the declaration of a 5% stock dividend payable on December 14,
1999 to shareholders of record on that date. Fractional shares were
cashed-out and payments were made to shareholders in lieu of
fractional shares. The basic and diluted average number of shares
outstanding and earnings per share information for all prior
reporting periods have been restated to reflect the effect of the
stock dividend.
[2] Options issued with exercise prices greater than the average market
price of the common shares for each of the years ended December 31,
1999, 1998 and 1997 have not been included in computation of diluted
EPS for those respective years. As of December 31, 1999, 628,950
options to purchase shares at prices between $19.77 and $26.67 were
not included; as of December 31, 1998, options to purchase 16,800
shares at a price of $26.67 were not included; as of December 31,
1997, no options were excluded.