1
Exhibit 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Years Ended December 31,
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1996 1995 1994
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Income for primary earnings per share:
Net income A $ 8,251,854 $ 5,637,666 $ 4,005,869
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Income for fully diluted earnings per share:
Net income $ 8,251,854 $ 5,637,666 $ 4,005,869
Add expenses, net of tax effect
on assumed conversion of
convertible subordinated
debentures:
Interest 562,032 1,183,255 1,061,345
Amortization of bond discount
and expense 34,470 14,814 17,841
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Income for fully diluted
shares B $ 8,848,356 $ 6,835,735 $ 5,085,055
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Common shares for primary earnings per share:
Average shares issued (note a) 7,063,720 6,496,739 6,496,605
Add assumed conversion at the beginning
of the period of issuance date if later:
Stock options 50,108 13,094 598
ESOP shares allocated 46,507 27,582 15,410
Less average treasury shares (note b) 48,535 150,343 150,393
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Average common shares for compu-
tation of primary earnings
per share C 7,111,800 6,387,072 6,362,220
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Common shares for fully diluted earnings per share:
Average common shares 7,111,800 6,387,072 6,362,220
Add assumed conversion at the beginning
of the period or issuance date if later:
Convertible subordinated debentures 1,097,397 1,948,366 2,372,913
Series B preferred shares 2,514 2,576 2,576
ESOP shares unallocated 202,826 222,418 234,590
Stock options 6,853 2,459 79
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Average common shares for
computation of fully di-
luted earnings per share D 8,421,390 8,562,891 8,972,378
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Net income per average
common share (A / C) $ 1.16 $ .88 $ .63
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Net income per average common
share assuming full dilution (B / D) $ 1.05 $ .80 $ .57
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(a) Based on shares issued as at end of each month.
(b) Based on shares in treasury as at end of each month.