EXHIBIT  11

STANDARD COMMERCIAL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except per share information; unaudited)

		First quarter ended June 30
		2002			2001
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	5,562		$	3,751
Discontinued operations		(923	)		(661	)
Extraordinary gain/(loss)		105			—
Net income applicable to common stock	$	4,744		$	3,090
Basic average shares outstanding		13,370,073			13,261,188
From continuing operations	$	0.42		$	0.28
Discontinued operations		(0.07	)		(0.05	)
Extraordinary gain/(loss)		—			—
Net income applicable to common stock	$	0.35		$	0.23
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	5,562		$	3,751
Add – after-tax interest expense on 7 ¼%
Convertible subordinated debentures		564			—
Adjusted income from continuing operations		6,126			3,751
Discontinued operations		(923	)		(661	)
Extraordinary gain/(loss)		105			—
Net income applicable to common stock	$	5,308		$	3,090
Basic average shares outstanding		13,370,073			13,261,188
Increase in shares outstanding assuming conversion of 7 1/4 convertible subordinated debentures at November 13, 1991		1,604,118			1,758,067
Stock options exercisable		86,495			80,879
Diluted average shares outstanding		15,060,686			15,100,134
From continuing operations	$	0.41		$	0.28
Discontinued operations		(0.06	)		(0.05	)
Extraordinary gain/(loss)		—			—
Net income	$	0.35		$	0.23

Note: In the first quarter ended June 30, 2001 the incremental shares from assumed conversion of 7 1/4% convertible subordinated debentures and the exercise of outstanding stock options are not included in computing the diluted per-share amounts because the calculations include adjustment which are antidilutive.