EXHIBIT 11



STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER
COMMON SHARE

(In thousands, except share information; unaudited)



|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|-------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- | ---------- | - | ----------------------------- | - | ---------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                                                                                                     |  | Second quarter endedSeptember 30 |            |   | Six months ended September 30 |  
|                                                                                                                     |  | 2004                             |            |   | 2003                          |   |            | 2004 |  |   | 2003       |  
|BASIC EARNINGS (LOSS) PER COMMON SHARE                                                                               |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Income (loss) from continuing operations                                                                             |  | $                                | 5,098      |   |                               | $ | 10,826     |      |  | $ | 2,930      |   |  | $ | 20,574     |  
|Loss from discontinued operations                                                                                    |  |                                  | (25,237    | ) |                               |   | (25,135    | )    |  |   | (27,918    | ) |  |   | (28,271    | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                         |  | $                                | (20,139    | ) |                               | $ | (14,309    | )    |  | $ | (24,988    | ) |  | $ | (7,697     | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                     |  |                                  | 13,709,366 |   |                               |   | 13,619,434 |      |  |   | 13,693,370 |   |  |   | 13,578,184 |  
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                           |  | $                                | 0.37       |   |                               | $ | 0.79       |      |  | $ | 0.21       |   |  | $ | 1.52       |  
|Discontinued operations                                                                                              |  |                                  | (1.84      | ) |                               |   | (1.84      | )    |  |   | (2.04      | ) |  |   | (2.08      | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                    |  | $                                | (1.47      | ) |                               | $ | (1.05      | )    |  | $ | (1.83      | ) |  | $ | (0.56      | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|DILUTED EARNINGS (LOSS) PER COMMON SHARE                                                                             |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Income from continuing operations                                                                                    |  | $                                | 5,098      |   |                               | $ | 10,826     |      |  | $ | 2,930      |   |  | $ | 20,574     |  
|Add  after-tax interest expense on 7 1⁄4% convertible subordinated debentures                                         |  |                                  |           |   |                               |   | 539        |      |  |   |           |   |  |   | 1,078      |  
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Adjusted income from continuing operations                                                                           |  |                                  | 5,098      |   |                               |   | 11,365     |      |  |   | 2,930      |   |  |   | 21,652     |  
|Loss from discontinued operations                                                                                    |  |                                  | (25,237    | ) |                               |   | (25,135    | )    |  |   | (27,918    | ) |  |   | (28,271    | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss) applicable to common stock                                                                         |  | $                                | (20,139    | ) |                               | $ | (13,770    | )    |  | $ | (24,988    | ) |  | $ | (6,619     | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Basic average shares outstanding                                                                                     |  |                                  | 13,709,366 |   |                               |   | 13,619,434 |      |  |   | 13,693,370 |   |  |   | 13,578,184 |  
|Increase in shares outstanding assuming conversion of 7 1/4 convertible subordinated debentures at November 13, 1991 |  |                                  |           |   |                               |   | 1,533,390  |      |  |   |           |   |  |   | 1,533,390  |  
|Stock options exercisable                                                                                            |  |                                  | 23,305     |   |                               |   | 68,924     |      |  |   | 22,441     |   |  |   | 62,530     |  
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Diluted average shares outstanding                                                                                   |  |                                  | 13,732,671 |   |                               |   | 15,221,748 |      |  |   | 13,715,811 |   |  |   | 15,174,104 |  
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|From continuing operations                                                                                           |  | $                                | 0.37       |   |                               | $ | 0.75       |      |  | $ | 0.21       |   |  | $ | 1.43       |  
|Discontinued operations                                                                                              |  |                                  | (1.84      | ) |                               |   | (1.65      | )    |  |   | (2.03      | ) |  |   | (1.86      | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |  
|Net income (loss)                                                                                                    |  | $                                | (1.47      | ) |                               | $ | (0.90      | )    |  | $ | (1.82      | ) |  | $ | (0.43      | )
|                                                                                                                     |  |                                  |            |   |                               |   |            |      |  |   |            |   |  |   |            |