Exhibit 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS [1]
Years Ended December 31,
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2003 2002 2001
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Net income $ 24,203,654 $ 21,777,726 $ 19,387,548
Less: preferred dividends 124,885 112,685 97,896
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Net income available for common shareholders
and adjusted for diluted computation $ 24,078,769 $ 21,665,041 $ 19,289,652
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Weighted average common shares outstanding 14,883,440 14,947,313 15,089,720
Add dilutive effect of:
Stock options [2] 646,247 617,009 531,434
Convertible preferred stock 228,371 233,202 236,198
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Adjusted for assumed diluted computation 15,758,058 15,797,524 15,857,352
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Basic Earnings per share $ 1.62 $ 1.45 $ 1.28
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Diluted Earnings per shares $ 1.53 $ 1.37 $ 1.22
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[1] The parent company effected a five-for-four stock split on September 10,
2003.
The parent company announced stock dividends as follows:
DECLARATION DATE RECORD DATE PAYABLE DATE DIVIDEND RATE
---------------- ----------- ------------ -------------
11/21/02 12/02/02 12/09/02 20%
11/15/01 11/30/01 12/10/01 10%
11/16/00 12/01/00 12/08/00 10%
11/18/99 12/14/99 12/14/99 5%
Fractional shares were cashed-out and payments were made to shareholders
in lieu of fractional shares. The basic and diluted average number of
shares outstanding and earnings per share information for all prior
reporting periods have been restated to reflect the effect of this stock
split and these stock dividends.
[2] Options issued with exercise prices greater than the average market price
of the common shares for each of the years ended December 31, 2003, 2002,
and 2001 have not been included in computation of diluted EPS for those
respective years. As of December 31, 2003 there were no options excluded;
as of December 31, 2002, 45,732 options to purchase shares at a price of
$23.81 were not included; as of December 31,2001, options to purchase
78,764 shares at prices between $17.26 and $18.56 were not included.