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STANDARD COMMERCIAL CORPORATION EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except share information; unaudited)
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Twelve months ended March 31
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2000 1999 1998
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BASIC EARNINGS PER COMMON SHARE
<S> <C> <C> <C>
Income from continuing operations............................. $ 10,338 $ 8,415 $ 26,925
Net earnings applicable to common stock....................... $ 10,338 $ 8,415 $ 26,925
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Basic average shares outstanding.............................. 12,956,462 12,842,495 12,377,211
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Earnings per common share
- net...................................................... $ 0.80 $ 0.66 $ 2.18
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DILUTED EARNINGS PER COMMON SHARE*
Income from continuing operations
applicable to common stock.................................. $ 10,338 $ 8,415 $ 26,925
Add - after-tax interest expense on 7 1/4%
convertible subordinated debentures.................. - - 3,300
Net earnings applicable to common stock....................... $ 10,338 $ 8,415 $ 30,225
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Primary average shares outstanding............................ 12,956,462 12,842,495 12,377,211
Increase in shares outstanding assuming
- conversion of 7 1/4% convertible subordinated
debentures at November 13, 1991........................ - - 2,348,536
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Diluted average shares outstanding............................ 12,956,462 12,842,495 14,725,747
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Earnings (loss) per common share
- from continuing operations................................. $ 0.80 $ 0.66 $ 2.05
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- net........................................................ $ 0.80 $ 0.66 $ 2.05
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* Options issued in Fiscal 2000 and 1999 and the convertible subordinated
debentures are anti-dilutive for fiscal year 2000 and 1999 and as such are not
included in the computation of diluted earnings per share.
