1
EXHIBIT 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS(1)
Years Ended December 31,
-----------------------------------------
2000 1999 1998
----------- ------------ ------------
Net income $16,558,657 $14,563,952 $12,796,543
Less: preferred dividends 82,441 65,587 51,053
----------- ----------- -----------
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
AND ADJUSTED FOR DILUTED COMPUTATION $16,476,216 $14,498,365 $12,745,490
=========== =========== ===========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 9,122,973 9,309,489 9,469,207
Add dilutive effect of:
Stock options(2) 89,502 133,613 264,630
Convertible preferred stock 239,967 242,670 244,588
----------- ----------- -----------
ADJUSTED FOR ASSUMED DILUTED COMPUTATION 9,452,442 9,685,772 9,978,425
=========== =========== ===========
BASIC EARNINGS PER SHARE $1.81 $1.56 $1.35
===== ===== =====
DILUTED EARNINGS PER SHARE $1.74 $1.50 $1.28
===== ===== =====
(1) The parent company's Board of Directors announced on November 16, 2000, the
declaration of a 10% stock dividend payable on December 8, 2000 to
shareholders of record on December 1, 2000 and 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 these stock dividends.
(2) Options issued with exercise prices greater than the average market price
of the common shares for each of the years ended December 31, 2000, 1999
and 1998 have not been included in computation of diluted EPS for those
respective years. As of December 31, 2000, 334,950 options to purchase
shares at prices between $21.44 and $24.25 were not included; as of
December 31, 1999, options to purchase 691,845 shares at prices between
$17.98 and $24.25 were not included; as of December 31, 1998, options to
purchase 18,480 shares at a price of $24.25 were not included.