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Exhibit 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Years Ended December 31,
1998 1997 1996
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Net income $12,796,543 $10,888,403 $ 8,251,854
Less: preferred dividends 51,053 38,313 21,218
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NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS 12,745,490 10,850,090 8,230,636
Add: interest on convertible subordinated debt -- 136,709 596,502
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NET INCOME ADJUSTED FOR DILUTED COMPUTATION $12,745,490 $10,986,799 $ 8,827,138
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 8,231,401 7,874,653 7,015,185
Add dilutive effect of:
Stock options 229,967 140,716 42,920(1)
Convertible preferred stock 219,133 246,922 249,333
Convertible subordinated debt -- 361,588 1,394,705
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ADJUSTED FOR ASSUMED DILUTED COMPUTATION 8,680,501 8,623,879 8,702,143
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BASIC EARNINGS PER SHARE $ 1.55 $ 1.38 $ 1.17
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DILUTED EARNINGS PER SHARES $ 1.47 $ 1.27 $ 1.01
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(1) Options issued with exercise prices greater than the average market price
of the common shares for each of the years ended December 31, 1998, 1997
and 1996 have not been included in computation of diluted EPS for those
respective years. As of December 31, 1998, options to purchase 290,000
shares at prices between $24.75 and $28.00 were not included; as of
December 31, 1997, no options were excluded; as of December 31, 1996,
options to purchase 102,000 shares at a price of $12.50 were not included.