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)
Third quarter ended Nine months ended December 31 December 31 --------------------------- --------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- BASIC EARNINGS PER SHARE Income before extraordinary gain/(loss) ...................... $ 5,941 $ 5,707 $ 22,775 $ 12,412 Extraordinary gain/(loss) .................................... 11 1,417 (6) 2,056 ------------ ------------ ------------ ------------ Net income applicable to common stock ........................ $ 5,952 $ 7,124 $ 22,769 $ 14,468 ============ ============ ============ ============ Basic average shares outstanding ............................. 13,355,509 13,197,576 13,310,043 13,087,355 Earnings per common share before extraordinary gain/(loss) .. $ 0.44 $ 0.43 $ 1.71 $ 0.95 Extraordinary gain per common share ......................... 0.00 0.11 $ 0.00 $ 0.16 ------------ ------------ ------------ ------------ Net income per common share ................................. $ 0.44 $ 0.54 $ 1.71 $ 1.11 ------------ ------------ ------------ ------------ DILUTED EARNINGS PER SHARE Net income applicable to common stock before extraordinary gain/(loss) .................................................. $ 5,941 $ 5,707 $ 22,775 $ 12,412 Add after tax interest expense on 7 1/4% convertible Subordinated debentures ................................... 614 750 1,850 2,390 ------------ ------------ ------------ ------------ Net income applicable to common stock before extraordinary gain/(loss) ............................................... 6,555 6,457 24,625 14,802 Extraordinary gain/(loss) .................................... 11 1,417 (6) 2,056 ------------ ------------ ------------ ------------ Net income applicable to common stock after extraordinary gain/(loss) .............................................. $ 6,566 $ 7,874 $ 24,619 $ 16,858 ============ ============ ============ ============ Basic average shares outstanding ............................. 13,355,509 13,197,576 13,310,043 13,087,355 Increase in shares outstanding assuming - conversion of 7 1/4% convertible subordinated debentures ............................................... 1,746,630 2,134,422 1,754,255 2,267,710 Shares applicable to stock options 77,931 0 72,130 0 ------------ ------------ ------------ ------------ Diluted average shares outstanding ........................... 15,180,070 15,331,998 15,136,428 15,355,065 ------------ ------------ ------------ ------------ Earnings per common share before extraordinary gain/(loss) .................................................. $ 0.43 $ 0.42 $ 1.63 $ 0.95 Extraordinary gain per common share ......................... 0.00 0.09 0.00 0.14 ------------ ------------ ------------ ------------ Diluted net income per common share ......................... $ 0.43 $ 0.51 $ 1.63 $ 1.09 ------------ ------------ ------------ ------------