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Exhibit (11)
STERLING BANCORP AND SUBSIDIARIES
Statement Re: Computation of Per Share Earnings
Three Months Ended Nine Months Ended
September 30, September 30,
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1994 1993 1994 1993
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Income for primary earnings per share:
Net income A $ 974,761 $ 805,746 $2,847,632 $2,349,468
========== ========== ========== ==========
Income for fully diluted earnings
per share:
Net income $ 974,761 $ 805,746 $2,847,632 $2,349,468
Add expenses, net of tax effect
on assumed conversion of
Convertible Subordinated
Debentures:
Interest 279,277 241,812 757,446 717,551
Amortization of bond discount
and expense 7,407 3,421 14,149 14,598
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Income for fully diluted shares B $1,261,445 $1,050,979 $3,619,227 $3,081,617
========== ========== ========== ==========
Common shares for primary earnings
per share:
Average shares issued 6,496,605 6,496,605 6,496,605 6,496,496
Added assumed conversion at the beginning
of the period or issuance date if later:
Stock options -- 678 778 226
ESOP shares allocated 17,133 -- 13,896 --
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 6,363,345 6,346,890 6,360,886 6,346,329
========== ========== ========== ==========
Common shares for fully diluted
earnings per share:
Average common shares 6,363,345 6,346,890 6,360,886 6,346,329
Add assumed conversion at the beginning
of the period of issuance date if later:
Convertible Subordinated Debentures 2,380,913 2,226,093 2,380,913 2,226,093
Series B preferred shares 2,576 2,576 2,576 2,576
ESOP shares unallocated 232,867 250,000 236,104 194,444
Stock options -- 4,171 95 1,390
----------- ---------- ---------- ----------
Average common shares for computation
of fully diluted earnings per
share (See Note below)
D 8,979,701 8,829,730 8,980,574 8,770,833
========== ========== ========== ==========
Per average common share:
Net income (A / C) $0.16 $0.13 $0.45 $0.37
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Net income assuming full dilution (B / D) $0.14 $0.12 $0.40 $0.35
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Note: Based on shares at end of each month.
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