EX-11 3 dex11.txt EXHIBIT 11 - COMPUTATION OF EARNINGS EXHIBIT 11 STANDARD COMMERCIAL CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE (In thousands, except share information; unaudited)
Second quarter ended Six months ended September 30 September 30 -------------------------- -------------------------- 2001 2000 2001 2000 ---- ---- ---- ----- BASIC EARNINGS PER SHARE Income before extraordinary gain/(loss)...................... $ 13,117 $ 5,017 $ 16,834 $ 6,705 Extraordinary gain/(loss).................................... $ (17) $ 639 $ (17) $ 639 ----------- ----------- ----------- ----------- Net income applicable to common stock........................ $ 13,100 $ 5,656 $ 16,817 $ 7,344 =========== =========== =========== =========== Basic average shares outstanding............................. 13,313,432 13,065,476 13,287,810 13,032,245 Earnings per common share before extraordinary gain/(loss).. $ 0.99 $ 0.38 $ 1.27 $ 0.51 Extraordinary gain per common share......................... $ 0.00 $ 0.05 $ 0.00 $ 0.05 Net income per common share................................. $ 0.99 $ 0.43 $ 1.27 $ 0.56 DILUTED EARNINGS PER SHARE Net income applicable to common stock before extraordinary gain/(loss).............................................. $ 13,117 $ 5,017 $ 16,834 $ 6,705 Add after tax interest expense on 7 1/4% convertible Subordinated debentures at November 1.................... 618 816 1,236 1,641 ----------- ----------- ----------- ----------- Net income applicable to common stock before extraordinary gain/(loss).............................................. 13,735 5,833 18,070 8,346 Extraordinary gain/(loss).................................... (17) 639 (17) 639 ----------- ----------- ----------- ----------- Net income applicable to common stock after extraordinary gain/(loss).............................................. $ 13,718 $ 6,472 $ 18,053 $ 8,985 =========== =========== =========== =========== Basic average shares outstanding............................. 13,313,432 13,065,476 13,287,810 13,032,245 Increase in shares outstanding assuming - conversion of 7 1/4% convertible subordinated.......... Debentures at November 13, 1991.......................... 1,758,067 2,320,172 1,758,067 2,334,354 Shares applicable to stock options........................... 83,990 0 80,133 0 ----------- ----------- ----------- ----------- Diluted average shares outstanding........................... 15,155,489 15,385,648 15,126,010 15,366,599 ----------- ----------- ----------- ----------- Diluted earnings per common share before extraordinary....... Gain/(loss).................................................. $ 0.91 $ 0.38 $ 1.19 $ 0.51 Extraordinary gain per common share.......................... $ 0.00 $ 0.05 $ 0.00 $ 0.05 Diluted net income per common share.......................... $ 0.91 $ 0.43 $ 1.19 $ 0.56