EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER COMMON SHARE

(In thousands, except share information; unaudited)



|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|------------------------------------------------------------------------------------------------------------------ |  | ------------------------------ | ---------- | - | ---------------------------- | - | ---------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                                                                                                   |  | Third quarter endedDecember 31 |            |   | Nine months endedDecember 31 |  
|                                                                                                                   |  | 2003                           |            |   | 2002                         |   |            | 2003 |  |   | 2002       |  
|BASIC EARNINGS (LOSS) PER COMMON SHARE                                                                             |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Income from continuing operations                                                                                  |  | $                              | 6,446      |   |                              | $ | 11,974     |      |  | $ | 29,597     |   |  | $ | 35,139     |  
|Loss from discontinued operations                                                                                  |  |                                | (2,815     | ) |                              |   | (1,337     | )    |  |   | (33,663    | ) |  |   | (4,636     | )
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                              | 3,631      |   |                              | $ | 10,637     |      |  | $ | (4,066     | ) |  | $ | 30,503     |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                   |  |                                | 13,631,181 |   |                              |   | 13,489,202 |      |  |   | 13,595,181 |   |  |   | 13,447,370 |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                         |  | $                              | 0.47       |   |                              | $ | 0.89       |      |  | $ | 2.18       |   |  | $ | 2.61       |  
|Discontinued operations                                                                                            |  |                                | (0.20      | ) |                              |   | (0.10      | )    |  |   | (2.47      | ) |  |   | (0.34      | )
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                  |  | $                              | 0.27       |   |                              | $ | 0.79       |      |  | $ | (0.29      | ) |  | $ | 2.27       |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|DILUTED EARNINGS (LOSS) PER COMMON SHARE                                                                           |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Income from continuing operations                                                                                  |  | $                              | 6,446      |   |                              | $ | 11,974     |      |  | $ | 29,597     |   |  | $ | 35,139     |  
|Add  after-tax interest expense on 7 1⁄4% convertible subordinated debentures                                       |  |                                | 539        |   |                              |   | 539        |      |  |   | 1,617      |   |  |   | 1,642      |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Adjusted income from continuing operations                                                                         |  |                                | 6,985      |   |                              |   | 12,513     |      |  |   | 31,214     |   |  |   | 36,781     |  
|Loss from discontinued operations                                                                                  |  |                                | (2,815     | ) |                              |   | (1,337     | )    |  |   | (33,663    | ) |  |   | (4,636     | )
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                       |  | $                              | 4,170      |   |                              | $ | 11,176     |      |  | $ | (2,449     | ) |  | $ | 32,145     |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                   |  |                                | 13,631,181 |   |                              |   | 13,489,202 |      |  |   | 13,595,181 |   |  |   | 13,447,370 |  
|Increase in shares outstanding assuming conversion of 71/4convertible subordinated debentures at November 13, 1991 |  |                                | 1,533,390  |   |                              |   | 1,533,390  |      |  |   | 1,533,390  |   |  |   | 1,556,966  |  
|Stock options exercisable                                                                                          |  |                                | 81,480     |   |                              |   | 65,645     |      |  |   | 59,681     |   |  |   | 75,059     |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Diluted average shares outstanding                                                                                 |  |                                | 15,246,051 |   |                              |   | 15,088,237 |      |  |   | 15,188,252 |   |  |   | 15,079,395 |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                         |  | $                              | 0.46       |   |                              | $ | 0.83       |      |  | $ | 2.05       |   |  | $ | 2.44       |  
|Discontinued operations                                                                                            |  |                                | (0.19      | ) |                              |   | (0.09      | )    |  |   | (2.21      | ) |  |   | (0.31      | )
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                  |  | $                              | 0.27       |   |                              | $ | 0.74       |      |  | $ | (0.16      | ) |  | $ | 2.13       |  
|                                                                                                                   |  |                                |            |   |                              |   |            |      |  |   |            |   |  |   |            |  



Note: For the quarter ended December
31, 2003 the incremental shares from assumed conversion of convertible subordinated debentures are not included in computing the diluted per share amount because the calculation includes adjustments which are antidilutive.



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