EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER COMMON
SHARE

(In thousands, except share information; unaudited)



|                                                                                                                     |  | Second quarter endedSeptember 30 |            |   | Six months endedSeptember 30 |  
|-------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- | ---------- | - | ---------------------------- | -
|                                                                                                                     |  | 2003                             |            |   | 2002                         |  
|BASIC EARNINGS PER COMMON SHARE                                                                                      |  |                                  |            |   |                              |  
|Income from continuing operations                                                                                    |  | $                                | 14,267     |   |                              | $
|Loss from discontinued operations                                                                                    |  |                                  | (28,576    | ) |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Net income (loss) applicable to common stock                                                                         |  | $                                | (14,309    | ) |                              | $
|                                                                                                                     |  |                                  |            |   |                              |  
|Basic average shares outstanding                                                                                     |  |                                  | 13,619,434 |   |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|From continuing operations                                                                                           |  | $                                | 1.05       |   |                              | $
|Discontinued operations                                                                                              |  |                                  | (2.10      | ) |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Net income (loss)                                                                                                    |  | $                                | (1.05      | ) |                              | $
|                                                                                                                     |  |                                  |            |   |                              |  
|DILUTED EARNINGS PER COMMON SHARE                                                                                    |  |                                  |            |   |                              |  
|Income from continuing operations                                                                                    |  | $                                | 14,267     |   |                              | $
|Add  after-tax interest expense on 7 1/4%                                                                           |  |                                  |            |   |                              |  
|Convertible subordinated debentures                                                                                  |  |                                  | 539        |   |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Adjusted income from continuing operations                                                                           |  |                                  | 14,806     |   |                              |  
|Loss from discontinued operations                                                                                    |  |                                  | (28,576    | ) |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Net income (loss) applicable to common stock                                                                         |  | $                                | (13,770    | ) |                              | $
|                                                                                                                     |  |                                  |            |   |                              |  
|Basic average shares outstanding                                                                                     |  |                                  | 13,619,434 |   |                              |  
|Increase in shares outstanding assuming conversion of 7 1/4 convertible subordinated debentures at November 13,
1991 |  |                                  | 1,533,390  |   |                              |  
|Stock options exercisable                                                                                            |  |                                  | 68,924     |   |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Diluted average shares outstanding                                                                                   |  |                                  | 15,221,748 |   |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|From continuing operations                                                                                           |  | $                                | 0.97       |   |                              | $
|Discontinued operations                                                                                              |  |                                  | (1.87      | ) |                              |  
|                                                                                                                     |  |                                  |            |   |                              |  
|Net income (loss)                                                                                                    |  | $                                | (0.90      | ) |                              | $
|                                                                                                                     |  |                                  |            |   |                              |  



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