EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER
COMMON SHARE

(In thousands, except share information; unaudited)



|                                                                                                                   |  |                            |            |   |      |   |            |  
|------------------------------------------------------------------------------------------------------------------ |  | -------------------------- | ---------- | - | ---- | - | ---------- | -
|                                                                                                                   |  | Three months ended June 30 |           
|                                                                                                                   |  | 2004                       |            |   | 2003 |  
|BASIC EARNINGS (LOSS) PER COMMON SHARE                                                                             |  |                            |            |   |      |   |            |  
|Income (loss) from continuing operations                                                                           |  | $                          | (3,806     | ) |      | $ | 8,884      |  
|Loss from discontinued operations                                                                                  |  |                            | (1,043     | ) |      |   | (2,272     | )
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                          | (4,849     | ) |      | $ | 6,612      |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Basic average shares outstanding                                                                                   |  |                            | 13,677,375 |   |      |   | 13,536,934 |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|From continuing operations                                                                                         |  | $                          | (0.28      | ) |      | $ | 0.66       |  
|Discontinued operations                                                                                            |  |                            | (0.07      | ) |      |   | (0.17      | )
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Net income (loss)                                                                                                  |  | $                          | (0.35      | ) |      | $ | 0.49       |  
|                                                                                                                   |  |                           
|DILUTED EARNINGS (LOSS) PER COMMON SHARE                                                                           |  |                            |            |   |      |   |            |  
|Income from continuing operations                                                                                  |  | $                          | (3,806     | ) |      | $ | 8,884      |  
|Add  after-tax interest expense on 71/4% convertible subordinated debentures                                      |  |                            |           |   |      |   | 539        |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Adjusted income from continuing operations                                                                         |  |                            | (3,806     | ) |      |   | 9,423      |  
|Loss from discontinued operations                                                                                  |  |                            | (1,043     | ) |      |   | (2,272     | )
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                          | (4,849     | ) |      | $ | 7,151      |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Basic average shares outstanding                                                                                   |  |                            | 13,677,375 |   |      |   | 13,536,934 |  
|Increase in shares outstanding assuming conversion of 71/4convertible subordinated debentures at November 13, 1991 |  |                            |           |   |      |   | 1,533,390  |  
|Stock options exercisable                                                                                          |  |                            | 25,636     |   |      |   | 61,013     |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Diluted average shares outstanding                                                                                 |  |                            | 13,703,011 |   |      |   | 15,131,337 |  
|                                                                                                                   |  |                            |            |   |      |   |            |  
|From continuing operations                                                                                         |  | $                          | (0.28      | ) |      | $ | 0.62       |  
|Discontinued operations                                                                                            |  |                            | (0.07      | ) |      |   | (0.15      | )
|                                                                                                                   |  |                            |            |   |      |   |            |  
|Net income (loss)                                                                                                  |  | $                          | (0.35      | ) |      | $ | 0.47       |  
|                                                                                                                   |  |                            |            |   |      |   |            |