EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER
COMMON SHARE

(In thousands, except share information; unaudited)



|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|------------------------------------------------------------------------------------------------------------------ |  | ------------------------------- | ---------- | - | ----------------------------- | - | ---------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                                                                                                   |  | Third quarter ended December 31 |            |   | Nine months ended December 31 |  
|                                                                                                                   |  | 2004                            |            |   | 2003                          |   |            | 2004 |  |   | 2003       |  
|BASIC EARNINGS (LOSS) PER COMMON SHARE                                                                             |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Income (loss) from continuing operations                                                                           |  | $                               | 11,065     |   |                               | $ | 6,927      |      |  | $ | 13,995     |   |  | $ | 27,501     |  
|Loss from discontinued operations                                                                                  |  |                                 | (4,664     | ) |                               |   | (3,296     | )    |  |   | (32,582    | ) |  |   | (31,567    | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                               | 6,401      |   |                               | $ | 3,631      |      |  | $ | (18,587    | ) |  | $ | (4,066     | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                   |  |                                 | 13,738,111 |   |                               |   | 13,631,181 |      |  |   | 13,708,284 |   |  |   | 13,595,181 |  
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                         |  | $                               | 0.81       |   |                               | $ | 0.51       |      |  | $ | 1.02       |   |  | $ | 2.03       |  
|Discontinued operations                                                                                            |  |                                 | (0.34      | ) |                               |   | (0.24      | )    |  |   | (2.38      | ) |  |   | (2.32      | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                  |  | $                               | 0.47       |   |                               | $ | 0.27       |      |  | $ | (1.36      | ) |  | $ | (0.29      | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|DILUTED EARNINGS (LOSS) PER COMMON SHARE                                                                           |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Income from continuing operations                                                                                  |  | $                               | 11,065     |   |                               | $ | 6,927      |      |  | $ | 13,995     |   |  | $ | 27,501     |  
|Add  after-tax interest expense on 71/4% convertible subordinated debentures                                      |  |                                 |           |   |                               |   | 539        |      |  |   |           |   |  |   | 1,617      |  
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Adjusted income from continuing operations                                                                         |  |                                 | 11,065     |   |                               |   | 7,466      |      |  |   | 13,995     |   |  |   | 29,118     |  
|Loss from discontinued operations                                                                                  |  |                                 | (4,664     | ) |                               |   | (3,296     | )    |  |   | (32,582    | ) |  |   | (31,567    | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                               | 6,401      |   |                               | $ | 4,170      |      |  | $ | (18,587    | ) |  | $ | (2,449     | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                   |  |                                 | 13,738,111 |   |                               |   | 13,631,181 |      |  |   | 13,708,284 |   |  |   | 13,595,181 |  
|Increase in shares outstanding assuming conversion of 71/4convertible subordinated debentures at November 13, 1991 |  |                                 |           |   |                               |   | 1,533,390  |      |  |   |           |   |  |   | 1,533,390  |  
|Stock options exercisable                                                                                          |  |                                 | 23,792     |   |                               |   | 81,480     |      |  |   | 23,639     |   |  |   | 59,681     |  
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Diluted average shares outstanding                                                                                 |  |                                 | 13,761,903 |   |                               |   | 15,246,051 |      |  |   | 13,731,923 |   |  |   | 15,188,252 |  
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                         |  | $                               | 0.81       |   |                               | $ | 0.49       |      |  | $ | 1.02       |   |  | $ | 1.92       |  
|Discontinued operations                                                                                            |  |                                 | (0.34      | ) |                               |   | (0.22      | )    |  |   | (2.37      | ) |  |   | (2.08      | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                  |  | $                               | 0.47       |   |                               | $ | 0.27       |      |  | $ | (1.35      | ) |  | $ | (0.16      | )
|                                                                                                                   |  |                                 |            |   |                               |   |            |      |  |   |            |   |  |   |            |