EXHIBIT 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS [1]
Years Ended December 31,
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2001 2000 1999
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Net income $19,387,548 $16,558,657 $14,563,952
Less: preferred dividends 97,896 82,441 65,587
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NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
AND ADJUSTED FOR DILUTED COMPUTATION $19,289,652 $16,476,216 $14,498,365
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 10,133,378 10,058,294 10,244,417
Add dilutive effect of:
Stock options [2] 354,938 96,509 145,201
Convertible preferred stock 236,198 239,967 242,670
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ADJUSTED FOR ASSUMED DILUTED COMPUTATION 10,724,514 10,394,770 10,632,288
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BASIC EARNINGS PER SHARE $ 1.90 $ 1.64 $ 1.42
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DILUTED EARNINGS PER SHARES $ 1.80 $ 1.59 $ 1.36
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[1] The parent company's Board of Directors announced stock dividends as
follows:
DECLARATION RATE RECORD DATE PAYABLE DATE DIVIDEND RATE
11/15/01 11/30/01 12/10/01 10%
11/16/00 12/01/00 12/08/00 10%
11/18/99 12/14/99 12/14/99 5%
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, 2001, 2000 and
1999 have not been included in computation of diluted EPS for those
respective years. As of December 31, 2001, 49,742 options to purchase shares
at prices between $25.88 and $27.82 were not included; as of December 31,
2000, options to purchase 783,885 shares at prices between $14.97 and $20.48
were not included; as of December 31, 1999, options to purchase 761,016
shares at prices between $16.35 and $22.05 were not included.