EXHIBIT 11

STANDARD COMMERCIAL CORPORATION

COMPUTATION OF EARNINGS PER COMMON SHARE

(In thousands, except share information; unaudited)


	Third quarter ended December 31						Nine months ended December 31
	2004			2003			2004			2003
BASIC EARNINGS (LOSS) PER COMMON SHARE
Income (loss) from continuing operations	$	11,065		$	6,927		$	13,995		$	27,501
Loss from discontinued operations		(4,664	)		(3,296	)		(32,582	)		(31,567	)

Net income (loss) applicable to common stock	$	6,401		$	3,631		$	(18,587	)	$	(4,066	)

Basic average shares outstanding		13,738,111			13,631,181			13,708,284			13,595,181

From continuing operations	$	0.81		$	0.51		$	1.02		$	2.03
Discontinued operations		(0.34	)		(0.24	)		(2.38	)		(2.32	)

Net income (loss)	$	0.47		$	0.27		$	(1.36	)	$	(0.29	)

DILUTED EARNINGS (LOSS) PER COMMON SHARE
Income from continuing operations	$	11,065		$	6,927		$	13,995		$	27,501
Add – after-tax interest expense on 7¹/4% convertible subordinated debentures		—			539			—			1,617

Adjusted income from continuing operations		11,065			7,466			13,995			29,118
Loss from discontinued operations		(4,664	)		(3,296	)		(32,582	)		(31,567	)

Net income (loss) applicable to common stock	$	6,401		$	4,170		$	(18,587	)	$	(2,449	)

Basic average shares outstanding		13,738,111			13,631,181			13,708,284			13,595,181
Increase in shares outstanding assuming conversion of 7¹/4 convertible subordinated debentures at November 13, 1991		—			1,533,390			—			1,533,390
Stock options exercisable		23,792			81,480			23,639			59,681

Diluted average shares outstanding		13,761,903			15,246,051			13,731,923			15,188,252

From continuing operations	$	0.81		$	0.49		$	1.02		$	1.92
Discontinued operations		(0.34	)		(0.22	)		(2.37	)		(2.08	)

Net income (loss)	$	0.47		$	0.27		$	(1.35	)	$	(0.16	)

STANDARD COMMERCIAL CORP 10-Q