Exhibit 11



STERLING BANCORP AND SUBSIDIARIES

Statement Re: Computation of Per Share Earnings

(dollars in thousands, except per share
data)



Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing
net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period,
excluding participating securities. Participating securities include non-vested stock awards such as awards of restricted
shares of common stock. Non-vested stock awards are considered participating securities because holders of these securities
receive non-forfeitable dividends at the same rate as holders of the Company's common stock. Diluted earnings per common share
is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus
the dilutive effect of stock compensation using the treasury stock method.



The following table presents the calculation of
net earnings allocated to common stock and a reconciliation of the number of shares used in the calculation of basic and diluted
earnings per common share:





|                                      |  | Three
    Months Ended |            | Six Months
    Ended
|------------------------------------- |  | ---------------------- | ---------- | --------------------
|                                      |  | June
    30,           |            | June
    30,        
|                                      |  | 2012                   |            | 2011                
|                                      |  |                        |            |                     
|                                      |  |                        |            |                     
|Distributed earnings
    allocated to |  |                        |            |                     
|common
    stock                      |  | $                      | 2,772      |                     
|                                      |  |                        |            |                     
|Undistributed earnings
    allocated  |  |                        |            |                     
|to common stock                       |  |                        | 2,085      |                     
|Net
    earnings allocated to common  |  |                        |            |                     
|stock                                 |  | $                      | 4,857      |                     
|                                      |  |                        |            |                     
|                                      |  |                        |            |                     
|Weighted-average common               |  |                        |            |                     
|shares outstanding                    |  |                        | 30,818,709 |                     
|Add dilutive effect
    of:           |  |                        |            |                     
|Stock
    options                     |  |                        | —          |                     
|Adjusted
    for assumed diluted      |  |                        |            |                     
|computation                           |  |                        | 30,818,709 |                     
|                                      |  |                        |            |                     
|                                      |  |                        |            |                     
|                                      |  |                        |            |                     
|Net earnings allocated
    to common  |  |                        |            |                     
|stock, per average                    |  |                        |            |                     
|common share:                         |  |                        |            |                     
|Basic                                 |  | $                      | 0.16       |                     
|Diluted                               |  | $                      | 0.16       |                     
|                                      |  |                        |            |                     





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