EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER COMMON
SHARE

(In thousands, except share information; unaudited)



|                                                                                                                  |  | Three Months Ended June 30 |           
|----------------------------------------------------------------------------------------------------------------- |  | -------------------------- | ----------
|                                                                                                                  |  | 2003                       |           
|BASIC EARNINGS PER COMMON SHARE                                                                                   |  |                            |           
|Income from continuing operations                                                                                 |  | $                          | 6,934     
|Discontinued operations                                                                                           |  |                            | (322      
|Extraordinary gain                                                                                                |  |                            |          
|                                                                                                                  |  |                            |           
|Net income applicable to common stock                                                                             |  | $                          | 6,612     
|                                                                                                                  |  |                            |           
|Basic average shares outstanding                                                                                  |  |                            | 13,536,934
|                                                                                                                  |  |                            |           
|From continuing operations                                                                                        |  | $                          | 0.51      
|Discontinued operations                                                                                           |  |                            | (0.02     
|Extraordinary gain/(loss)                                                                                         |  |                            |          
|                                                                                                                  |  |                            |           
|Net income applicable to common stock                                                                             |  | $                          | 0.49      
|                                                                                                                  |  |                            |           
|DILUTED EARNINGS PER COMMON SHARE                                                                                 |  |                            |           
|Income from continuing operations                                                                                 |  | $                          | 6,934     
|Addafter-tax interest expense on 71⁄4% Convertible subordinated debentures                                         |  |                            | 539       
|                                                                                                                  |  |                            |           
|Adjusted income from continuing operations                                                                        |  |                            | 7,473     
|Discontinued operations                                                                                           |  |                            | (322      
|Extraordinary gain                                                                                                |  |                            |          
|                                                                                                                  |  |                            |           
|Net income applicable to common stock                                                                             |  | $                          | 7,151     
|                                                                                                                  |  |                            |           
|Basic average shares outstanding                                                                                  |  |                            | 13,536,934
|Increase in shares outstanding assuming conversion of 71⁄4 convertible subordinated debentures at November 13,
1991 |  |                            | 1,533,390 
|Stock options exercisable                                                                                         |  |                            | 61,013    
|                                                                                                                  |  |                            |           
|Diluted average shares outstanding                                                                                |  |                            | 15,131,337
|                                                                                                                  |  |                            |           
|From continuing operations                                                                                        |  | $                          | 0.49      
|Discontinued operations                                                                                           |  |                            | (0.02     
|Extraordinary gain                                                                                                |  |                            |          
|                                                                                                                  |  |                            |           
|Net income                                                                                                        |  | $                          | 0.47      
|                                                                                                                  |  |                            |