Page 15 of 15
EXHIBIT 11
- - ----------
ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings per share)
Three Months Ended December 31
----------------------------------------------
1993 1992
--------------------- ---------------------
Fully Fully
Primary Diluted(1) Primary Diluted(1)
------- ---------- ------- ----------
Average Shares Outstanding
- - --------------------------
Common shares 47,748 47,748 46,152 46,152
Preferred stock
Considered common
equivalents 12 12 87 87
Senior securities 4,508 440
Options 881 1,033 501 536
------- ---------- ------- ----------
Total shares 48,641 53,301 46,740 47,215
======= ========== ======= ==========
Income
- - ------
Continuing operations $ 31,854 $ 31,854 $ 24,759 $ 24,759
Discontinued operations 1,188 1,188
Income before cumulative ------- ---------- ------- ----------
effect of changes in
accounting principles 31,854 31,854 25,947 25,947
Cumulative effect of
Postretirement benefits other
than pensions (net of income
taxes) (1,421) (1,421)
Income taxes 1,421 1,421
------- ----------
Net Income 31,854 31,854
Preferred dividends 2,893 285
Net income available to common ------- ---------- ------- ----------
shareholders $ 28,961 $ 31,854 $ 25,662 $ 25,947
======= ========== ======= ==========
Earnings Per Share
- - ------------------
Continuing operations $0.60 $0.60 $0.52 $0.52
Discontinued operations 0.03 0.03
Before cumulative effect of ------- ---------- ------- ----------
changes in accounting
principles 0.60 0.60 0.55 0.55
Cumulative effect of
Postretirement benefits
other than pensions
(net of income taxes) (0.03) (0.03)
Income taxes 0.03 0.03
------- ---------- ------- ----------
$0.60 $0.60 $0.55 $0.55
======= ========== ======= ==========
(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.