|          
|----------
|Exhibit 11

|STERLING BANCORP AND SUBSIDIARIES 
      Statement Re: Computation of Per Share Earnings 
      (Unaudited & Restated)
|----------------------------------------------------------------------------------------------------------------------

|                                                                                                    | Three Months Ended
      March 31, |           
|--------------------------------------------------------------------------------------------------- | ---------------------------------- | ----------
|
|
|
|Net income [1]                                                                                      | $                                  | 5,206,934 
|Less: preferred dividends                                                                           |                                    |          
|                                                                                                    |                                    |           
|Net income available for common
        shareholders and adjusted for
      diluted computation [1] | $                                  | 5,206,934 
|                                                                                                    |                                    |           
|                                                                                                    |                                    |           
|Weighted average common
      shares outstanding [2]                                                |                                    | 18,220,065
|Add dilutive effect of:
        Stock options [2]                                                   |                                    | 878,637   
|Convertible preferred stock                                                                         |                                    | 112,216   
|                                                                                                    |                                    |           
|Adjusted for assumed diluted
      computation [2]                                                  |                                    | 19,210,918
|                                                                                                    |                                    |           
|                                                                                                    |                                    |           
|Basic earnings per share [1] [2]                                                                    | $                                  | 0.29      
|                                                                                                    |                                    |           
|Diluted earnings per share [1] [2]                                                                  | $                                  | 0.27      
|                                                                                                    |                                    |           

|                                    
|------------------------------------
|[1]  Restated; see Note 2 on page 8.
|                                    
|[2]  Restated; see Note 1 on page 8.

|36
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