EXHIBIT 11
STERLING BANCORP AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS [1]
Years Ended December 31,
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2005 2004 2003
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Net income $ 24,026,825 $ 24,604,073 $ 23,903,245
Less: preferred dividends -- -- 125,019
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Net income available for common shareholders and adjusted for diluted computation $ 24,026,825 $ 24,604,073 $ 23,778,226
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Weighted average common shares outstanding 19,164,498 19,146,561 18,819,849
Add dilutive effect of:
Stock options [2] 598,854 854,405 788,935
Convertible preferred stock -- 34,528 228,371
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Adjusted for assumed diluted computation 19,763,352 20,035,494 19,837,155
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Basic Earnings per share $ 1.25 $ 1.29 $ 1.26
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Diluted Earnings per share $ 1.22 $ 1.23 $ 1.20
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[1] The parent company effected a 5% stock dividend on December 12, 2005.
The parent company announced stock dividends as follows:
Declaration Date Record Date Payable Date Dividend Rate
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11/18/04 11/29/04 12/8/04 20%
8/21/03 9/1/03 9/10/03 25%
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 these stock splits and 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, 2005, 2004,
and 2003 have not been included in computation of diluted EPS for those
respective years. As of December 31, 2005, 121,275 options to purchase
shares at prices between $21.93 and $26.94 were not included; as of
December 31, 2004 and 2003 there were no options excluded.
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