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EXHIBIT 11
STANDARD COMMERCIAL CORPORATIONCOMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except share information; unaudited)
<TABLE>
<CAPTION>
Second quarter ended Six months ended
September 30 September 30
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<S> <C>
2000 1999 2000 1999
----------- ----------- ----------- -----------
BASIC AND DILUTED EARNINGS PER SHARE
Income before extraordinary gain $ 5,017 $ 2,210 $ 6,705 $ 3,472
=========== =========== =========== ===========
Extraordinary gain $ 639 $ 0 $ 639 $ 0
=========== =========== =========== ===========
Net income applicable to common stock $ 5,656 $ 2,210 $ 7,344 $ 3,472
=========== =========== =========== ===========
Basic average shares outstanding............................. 13,065,476 12,947,026 13,032,245 12,940,178
Earnings per common share before extraordinary gain......... $ 0.38 $ 0.17 $ 0.51 $ 0.27
Extraordinary gain per common share......................... $ 0.05 $ 0.00 $ 0.05 $ 0.00
Net income per common share................................. $ 0.43 $ 0.17 $ 0.56 $ 0.27
</TABLE>
Note: The incremental shares from assumed conversion of 7 1/4% convertible
subordinated debentures and the excise of outstanding stock options are not
included in computing the diluted per share amounts because the calculations
include adjustments which are antidilutive.
