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EXHIBIT 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS [1]
Years Ended December 31,
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2002 2001 2000
----------- ----------- -----------
Net income $21,777,726 $19,387,548 $16,558,657
Less: preferred dividends 112,685 97,896 82,441
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NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
AND ADJUSTED FOR DILUTED COMPUTATION $21,665,041 $19,289,652 $16,476,216
=========== =========== ===========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 11,964,310 12,106,717 12,031,682
Add dilutive effect of:
Stock options [2] 493,880 425,475 115,336
Convertible preferred stock 233,202 236,198 239,967
----------- ----------- -----------
ADJUSTED FOR ASSUMED DILUTED COMPUTATION 12,691,392 12,768,390 12,386,985
=========== =========== ===========
BASIC EARNINGS PER SHARE $1.81 $1.59 $1.37
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DILUTED EARNINGS PER SHARES $1.71 $1.51 $1.33
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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
---------------- ----------- ------------ -------------
11/21/02 12/02/02 12/09/02 20%
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, 2002, 2001,
and 2000 have not been included in computation of diluted EPS for those
respective years. As of December 31, 2002, 36,588 options to purchase
shares at a price of $29.76 were not included; as of December 31, 2001,
options to purchase 63,014 shares at prices between $21.57 and $23.19 were
not included; as of December 31, 2000, options to purchase 940,649 shares
at prices between $12.48 and $18.38 were not included.