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EXHIBIT (11)
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
March 31,
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1996 1995
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Income for primary earnings per share:
Net income A $1,759,745 $ 1,257,074
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Income for fully diluted earnings per share:
Net income $1,759,745 $ 1,257,074
Add expenses, net of tax effect
on assumed conversion of
Convertible Subordinated
Debentures:
Interest 246,516 310,691
Amortization of bond expense 2,991 3,742
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Income for fully diluted shares B $2,009,252 $ 1,571,507
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Common shares for primary earnings per share:
Average shares issued 6,505,595 6,496,605
Add assumed conversion at the beginning
of the period or issuance date if later:
Stock options 44,947 --
ESOP shares allocated 36,384 23,188
Less average Treasury shares 67,468 150,343
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Average common shares for compu-
tation of primary earnings
per share (See Note below) C 6,519,458 6,369,450
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Common shares for fully diluted earnings per share:
Average common shares 6,519,458 6,369,450
Add assumed conversion at the beginning of
the period or issuance date if later:
Convertible Subordinated Debentures 1,926,309 2,352,339
Series B preferred shares 2,576 2,576
ESOP shares unallocated 213,616 226,812
Stock options 2,640 --
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Average common shares for computation
of fully diluted earnings per
share (See Note below)
D 8,664,599 8,951,177
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Per average common share:
Net income (A / C) $0.27 $0.20
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Net income assuming full dilution (B / D) $0.23 $0.18
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Note: Based on shares at end of each month.
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