**EXHIBIT  11**

**STANDARD COMMERCIAL CORPORATION COMPUTATION OF EARNINGS PER COMMONSHARE**(In thousands, except per share information; unaudited)

|                                                                                                                 |   |   | **First quarter ended June 30** |   |
|----------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------|--------|
|                                                                                                                 |   |        |                            |
|                                                                                                                 |   |   | **2002**                        |   |   | **2001** |   |
|                                                                                                                 |   |        |                            |        |   |
| BASIC EARNINGS PER COMMON SHARE                                                                                      |   |   |                            |   |   |   |   |
| Income from continuing operations                                                                                    |   | $      | 5,562                           |   | $ | 3,751 |   |
| Discontinued operations                                                                                              |   |   | (923                            | )      |   | (661 | ) |
| Extraordinary gain/(loss)                                                                                            |   |   | 105                             |   |   | — |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Net income applicable to common stock                                                                                |   | $      | 4,744                           |   | $ | 3,090 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Basic average shares outstanding                                                                                     |   |   | 13,370,073                      |   |   | 13,261,188 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| From continuing operations                                                                                           |   | $      | 0.42                            |   | $ | 0.28 |   |
| Discontinued operations                                                                                              |   |   | (0.07                           | )      |   | (0.05 | ) |
| Extraordinary gain/(loss)                                                                                            |   |   | —                          |   |   | — |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Net income applicable to common stock                                                                                |   | $      | 0.35                            |   | $ | 0.23 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| DILUTED EARNINGS PER COMMON SHARE                                                                                    |   |   |                            |   |   |   |   |
| Income from continuing operations                                                                                    |   | $      | 5,562                           |   | $ | 3,751 |   |
| Add – after-tax interest expense on 7 1⁄4%                                                                   |   |   |                            |   |   |   |   |
| Convertible subordinated debentures                                                                                  |   |   | 564                             |   |   | — |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Adjusted income from continuing operations                                                                           |   |   | 6,126                           |   |   | 3,751 |   |
| Discontinued operations                                                                                              |   |   | (923                            | )      |   | (661 | ) |
| Extraordinary gain/(loss)                                                                                            |   |   | 105                             |   |   | — |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Net income applicable to common stock                                                                                |   | $      | 5,308                           |   | $ | 3,090 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Basic average shares outstanding                                                                                     |   |   | 13,370,073                      |   |   | 13,261,188 |   |
| Increase in shares outstanding assuming conversion of 7 1/4 convertible subordinated debentures at November 13, 1991 |   |   | 1,604,118                       |   |   | 1,758,067 |   |
| Stock options exercisable                                                                                            |   |   | 86,495                          |   |   | 80,879 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Diluted average shares outstanding                                                                                   |   |   | 15,060,686                      |   |   | 15,100,134 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| From continuing operations                                                                                           |   | $      | 0.41                            |   | $ | 0.28 |   |
| Discontinued operations                                                                                              |   |   | (0.06                           | )      |   | (0.05 | ) |
| Extraordinary gain/(loss)                                                                                            |   |   | —                          |   |   | — |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |
| Net income                                                                                                           |   | $      | 0.35                            |   | $ | 0.23 |   |
|                                                                                                                 |   |        |                                 |   |  |  |   |

Note: In the first quarter ended June 30, 2001 the incremental shares from assumed conversion of 7 1/4% convertible subordinated debenturesand the exercise of outstanding stock options are not included in computing the diluted per-share amounts because the calculations include adjustment which are antidilutive.