EXHIBIT 11



STANDARD COMMERCIAL CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE



(In thousands, except share and per share information; unaudited)



|                                                                                                                      |  | Third quarter ended December 31 |            |   | Nine months ended December 31 |  
|--------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- | ---------- | - | ----------------------------- | -
|                                                                                                                      |  | 2002                            |            |   | 2001                          |  
|BASIC EARNINGS PER COMMON SHARE                                                                                       |  |                                 |            |   |                               |  
|Income from continuing operations                                                                                     |  | $                               | 12,054     |   |                               | $
|Discontinued operations                                                                                               |  |                                 | (1,287     | ) |                               |  
|Extraordinary gain (loss)                                                                                             |  |                                 | (130       | ) |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Net income applicable to common stock                                                                                 |  | $                               | 10,637     |   |                               | $
|                                                                                                                      |  |                                 |            |   |                               |  
|Basic average shares outstanding                                                                                      |  |                                 | 13,489,202 |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|From continuing operations                                                                                            |  | $                               | 0.89       |   |                               | $
|Discontinued operations                                                                                               |  |                                 | (0.10      | ) |                               |  
|Extraordinary gain (loss)                                                                                             |  |                                 |           |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Net income applicable to common stock                                                                                 |  | $                               | 0.79       |   |                               | $
|                                                                                                                      |  |                                 |            |   |                               |  
|                                                                                                                     
|DILUTED EARNINGS PER COMMON SHARE                                                                                     |  |                                 |            |   |                               |  
|Income from continuing operations                                                                                     |  | $                               | 12,054     |   |                               | $
|Addafter-tax interest expense on 71 / 4 % Convertible subordinated debentures                                        |  |                                 | 539        |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Adjusted income from continuing operations                                                                            |  |                                 | 12,593     |   |                               |  
|Discontinued operations                                                                                               |  |                                 | (1,287     | ) |                               |  
|Extraordinary gain (loss)                                                                                             |  |                                 | (130       | ) |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Net income applicable to common stock                                                                                 |  | $                               | 11,176     |   |                               | $
|                                                                                                                      |  |                                 |            |   |                               |  
|Basic average shares outstanding                                                                                      |  |                                 | 13,489,202 |   |                               |  
|Increase in shares outstanding assuming conversion of 71 /
4 convertible subordinated debentures at November 13, 1991 |  |                                 | 1,533,390  |   |                               |  
|Stock options exercisable                                                                                             |  |                                 | 65,645     |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Diluted average shares outstanding                                                                                    |  |                                 | 15,088,237 |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|From continuing operations                                                                                            |  | $                               | 0.83       |   |                               | $
|Discontinued operations                                                                                               |  |                                 | (0.09      | ) |                               |  
|Extraordinary gain (loss)                                                                                             |  |                                 |           |   |                               |  
|                                                                                                                      |  |                                 |            |   |                               |  
|Net income                                                                                                            |  | $                               | 0.74       |   |                               | $
|                                                                                                                      |  |                                 |            |   |                               |  



24