1
Exhibit (11)
STERLING BANCORP AND SUBSIDIARIES
Statement Re: Computation of Per Share Earnings
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------------------------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
Income for primary earnings per share:
Net income A $1,296,564 $ 962,404 $2,553,638 $1,872,871
========== ========== ========== ==========
Income for fully diluted earnings per share:
Net income $1,296,564 $ 962,404 $2,553,638 $1,872,871
Add expenses, net of tax effect
on assumed conversion of
Convertible Subordinated
Debentures:
Interest 329,885 218,950 647,141 417,292
Amortization of bond discount
and expense 3,429 2,874 7,250 5,818
---------- ---------- ---------- ----------
Income for fully diluted shares B $1,629,878 $1,184,228 $3,208,029 $2,295,981
========== ========== ========== ==========
Common shares for primary earnings per share:
Average shares issued 6,496,667 6,496,605 6,496,641 6,496,605
Add assumed conversion at the beginning
of the period or issuance date if later:
Stock options 2,448 -- 1,399 1,111
ESOP shares allocated 26,250 14,037 24,611 12,398
Less: Average Treasury shares 150,343 150,393 150,343 150,393
---------- ---------- ---------- ----------
Average common shares for compu-
tation of primary earnings
per share (See Note below) C 6,375,022 6,360,249 6,372,308 6,359,721
========== ========== ========== ==========
Common shares for fully diluted earnings per share:
Average common shares 6,375,022 6,360,249 6,372,308 6,359,721
Add assumed conversion at the beginning
of the period of issuance date if later:
Convertible Subordinated Debentures 2,349,449 2,176,990 2,349,449 2,176,990
Series B preferred shares 2,576 2,576 2,576 2,576
ESOP shares unallocated 223,750 235,963 225,389 237,602
Stock options 3,877 -- 2,215 136
---------- ---------- ---------- ----------
Average common shares for computation
of fully diluted earnings per
share (See Note below) D 8,954,674 8,775,778 8,951,937 8,777,025
========== ========== ========== ==========
Per average common share:
Net income (A + C) $ 0.20 $ 0.15 $ 0.40 $ 0.29
========== ========== ========== ==========
Net income assuming full dilution (B + D) $ 0.18 $ 0.13 $ 0.36 $ 0.26
========== ========== ========== ==========
Note: Based on shares at end of each month.
26