EXHIBIT 11
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ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings per share)
Six Months Ended March 31
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1994 1993
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Fully Fully
Primary Diluted(1) Primary Diluted(1)
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Average Shares Outstanding
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Common shares 50,774 50,774 46,355 46,355
Preferred stock
Considered common equivalents 9 9 69 69
Senior securities 4,508 2,452
Options 968 1,044 615 856
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Total shares 51,751 56,335 47,039 49,732
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Income
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Continuing operations $69,875 $69,875 $54,299 $54,299
Discontinued operations 3,218 3,218
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Income before cumulative effect of
changes in accounting principles 69,875 69,875 57,517 57,517
Cumulative effect of
Postretirement benefits other than
pensions (net of income taxes) (1,421) (1,421)
Income taxes 1,421 1,421
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Net Income 69,875 69,875 57,517 57,517
Preferred dividends 5,786 3,214
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Net income available to common
shareholders $64,089 $69,875 $54,303 $57,517
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Earnings Per Share
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Continuing operations $1.24 $1.24 $1.09 $1.09
Discontinued operations 0.07 0.07
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Before cumulative effect of changes
in accounting principles 1.24 1.24 1.16 1.16
Cumulative effect of
Postretirement benefits other than
pensions (net of income taxes) (0.03) (0.03)
Income taxes 0.03 0.03
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$1.24 $1.24 $1.16 $1.16
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(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 No.
15 because it results in dilution of less than 3%.