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

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

|                                   | Three Months Ended
      September 30, |            | Nine Months Ended
      September 30, |  
|---------------------------------- | -------------------------------------- | ---------- | ------------------------------------- | -
|
|
|
|Net income [1]                     | $                                      | 6,550,174  |                                       | $
|Less: preferred dividends          |                                        |           |                                       |  
|                                   |                                        |            |                                       |  
|Net income available for common    |                                        |            |                                       |  
|shareholders and adjusted for      |                                        |            |                                       |  
|diluted computation [1]            | $                                      | 6,550,174  |                                       | $
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|Weighted average common            |                                        |            |                                       |  
|shares outstanding [2]             |                                        | 18,207,370 |                                       |  
|Add dilutive effect of:            |                                        |            |                                       |  
|Stock options [2]                  |                                        | 818,130    |                                       |  
|Convertible preferred stock        |                                        |           |                                       |  
|                                   |                                        |            |                                       |  
|Adjusted for assumed diluted       |                                        |            |                                       |  
|computation [2]                    |                                        | 19,025,500 |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|                                   |                                        |            |                                       |  
|Basic earnings per share [1] [2]   | $                                      | 0.36       |                                       | $
|                                   |                                        |            |                                       |  
|Diluted earnings per share [1] [2] | $                                      | 0.35       |                                       | $
|                                   |                                        |            |                                       |  

|                                    
|------------------------------------
|[1] Restated;  see Note 2 on page 9.
|                                    
|[2] Restated;  see Note 1 on page 9.

|42
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