STANDARD COMMERCIAL CORPORATION COMPUTATION OF EARNINGS PER COMMON  SHARE  EXHIBIT 11(In thousands, except share information; unaudited)

|                                                                                                                     |  | Second quarter ended September 30 |            | Six months ended September 30 |  
|-------------------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ---------- | ----------------------------- | -
|                                                                                                                     |  |                                   |            |                               |  
|                                                                                                                     |  | 2002                              |            | 2001                          |  
|                                                                                                                     |  |                                   |            |                               |  
|BASIC EARNINGS PER COMMON SHARE                                                                                      |  |                                   |            |                               |  
|Income from continuing operations                                                                                    |  | $                                 | 15,292     |                               | $
|Discontinued operations                                                                                              |  |                                   | (212       | )                             |  
|Extraordinary gain/(loss)                                                                                            |  |                                   | 42         |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Net income applicable to common stock                                                                                |  | $                                 | 15,122     |                               | $
|                                                                                                                     |  |                                   |            |                               |  
|Basic average shares outstanding                                                                                     |  |                                   | 13,482,835 |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|From continuing operations                                                                                           |  | $                                 | 1.13       |                               | $
|Discontinued operations                                                                                              |  |                                   | (0.01      | )                             |  
|Extraordinary gain/(loss)                                                                                            |  |                                   |           |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Net income applicable to common stock                                                                                |  | $                                 | 1.12       |                               | $
|                                                                                                                     |  |                                   |            |                               |  
|DILUTED EARNINGS PER COMMON SHARE                                                                                    |  |                                   |            |                               |  
|Income from continuing operations                                                                                    |  | $                                 | 15,292     |                               | $
|Add  after-tax interest expense on 7 1⁄4% Convertible subordinated debentures                                         |  |                                   | 539        |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Adjusted income from continuing operations                                                                           |  |                                   | 15,831     |                               |  
|Discontinued operations                                                                                              |  |                                   | (212       | )                             |  
|Extraordinary gain/(loss)                                                                                            |  |                                   | 42         |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Net income applicable to common stock                                                                                |  | $                                 | 15,661     |                               | $
|                                                                                                                     |  |                                   |            |                               |  
|Basic average shares outstanding                                                                                     |  |                                   | 13,482,835 |                               |  
|Increase in shares outstanding assuming conversion of 7 1/4 convertible subordinated debentures at November 13, 1991 |  |                                   | 1,533,390  |                               |  
|Stock options exercisable                                                                                            |  |                                   | 83,632     |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Diluted average shares outstanding                                                                                   |  |                                   | 15,099,857 |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|From continuing operations                                                                                           |  | $                                 | 1.05       |                               | $
|Discontinued operations                                                                                              |  |                                   | (0.01      | )                             |  
|Extraordinary gain/(loss)                                                                                            |  |                                   |           |                               |  
|                                                                                                                     |  |                                   |            |                               |  
|Net income                                                                                                           |  | $                                 | 1.04       |                               | $
|                                                                                                                     |  |                                   |            |                               |