EX-11 2 dex11.txt COMPUTATION OF EARNINGS PER COMMON SHARES STANDARD COMMERCIAL CORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands, except share information; unaudited)......... Twelve months ended March 31 ---------------------------- 2001 2000 1999 ---- ---- ---- BASIC EARNINGS PER COMMON SHARE Income before extraordinary gain $ 19,493 $ 10,338 $ 8,415 Extraordinary gain 3,200 - - ----------- ----------- ----------- Net income applicable to common stock $ 22,693 $ 10,338 $ 8,415 ----------- ----------- ----------- Basic average shares outstanding 13,127,962 12,956,462 12,842,495 ----------- ----------- ----------- Earnings per common shares before extraordinary gain $ 1.48 $ 0.80 $ 0.66 Extraordinary gain per common share 0.25 - - ----------- ----------- ----------- Net income per common share $ 1.73 $ 0.80 $ 0.66 ----------- ----------- ----------- DILUTED EARNINGS PER COMMON SHARE Income before extraordinary gain $ 19,493 $ 10,338 $ 8,415 Add-- after-tax interest expense on 7 1/4% convertible subordinated debentures 3,065 - - ----------- ----------- ----------- Adjusted income before extraordinary gain 22,558 10,338 8,415 Extraordinary gain 3,200 - - ----------- ----------- ----------- Adjusted net income applicable to common stock $ 25,758 $ 10,338 $ 8,415 ----------- ----------- ----------- Basic average shares outstanding 13,127,962 12,956,462 12,842,495 Increase in shares outstanding assuming conversion of 7 1/4% convertible subordinated debentures at November 13, 1991 2,154,765 0 0 Stock options exercisable 11,162 0 0 ----------- ----------- ----------- Diluted average shares outstanding 15,293,889 12,956,462 12,842,495 ----------- ----------- ----------- Earnings per common shares before extraordinary gain $ 1.47 $ 0.80 $ 0.66 Extraordinary gain per common share 0.21 0 0 ----------- ----------- ----------- Net income per common share $ 1.68 $ 0.80 $ 0.66 ----------- ----------- -----------
* Options issued in Fiscal 2000 and 1999 and the convertible subordinated debentures are anti-dilutive for fiscal years 2000 and 1999 and as such are not included in the computation of diluted earnings per share.