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Exhibit (11)
STERLING BANCORP AND SUBSIDIARIES
Statement Re: Computation of Per Share Earnings
Three Months Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Income for primary earnings per share:
Net income A $ 962,404 $ 801,958 $1,872,871 $1,543,722
========== ========== ========== ==========
Income for fully diluted earnings
per share:
Net income $ 962,404 $ 801,958 $1,872,871 $1,543,722
Add expenses, net of tax effect
on assumed conversion of
Convertible Subordinated
Debentures:
Interest 218,950 237,262 417,292 471,915
Amortization of bond discount
and expense 2,874 3,239 5,818 11,047
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Income for fully diluted shares B $1,184,228 $1,042,459 $2,295,981 $2,026,684
========== ========== ========== ==========
Common shares for primary earnings
per share:
Average shares issued 6,496,605 6,496,605 6,496,605 6,496,449
Added assumed conversion at the beginning
of the period or issuance date if later:
Stock options -- -- 1,111 --
ESOP shares allocated 14,037 -- 12,398 --
Less: Average Treasury shares 150,393 150,393 150,393 150,393
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Average common shares for compu-
tation of primary earnings
per share (See Note below) C 6,360,249 6,346,212 6,359,721 6,346,056
========== ========== ========== ==========
Common shares for fully diluted
earnings per share:
Average common shares 6,360,249 6,346,212 6,359,721 6,346,056
Add assumed conversion at the beginning
of the period of issuance date if later:
Convertible Subordinated Debentures 2,176,990 2,234,343 2,176,990 2,234,343
Series B preferred shares 2,576 2,576 2,576 2,576
ESOP shares unallocated 235,963 250,000 237,602 83,333
Stock options -- -- 136 --
----------- ----------- ---------- -----------
Average common shares for computation
of fully diluted earnings per
share (See Note below)
D 8,775,778 8,833,131 8,777,025 8,666,308
========== ========== ========== ==========
Per average common share:
Net income (A / C) $0.15 $0.12 $0.29 $0.24
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Net income assuming full dilution (B / D) $0.13 $0.12 $0.26 $0.23
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Note: Based on shares at end of each month.
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