EXHIBIT 11
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ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS (LOSS) PER SHARE
(in thousands, except earnings (loss) per share)
1994 1993
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Fully Fully
Primary Diluted(1) Primary Diluted(1)
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Three Months Ended June 30
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Average Shares Outstanding
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Common shares 53,915 53,915 46,816 46,816
Preferred stock
Considered common equivalents 34 34
Options 809 833
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Total shares 53,915 (2) 53,915 (2) 47,659 47,683
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Income (Loss)
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Net Income (Loss) $(48,306) $(48,306) $ 30,704 $ 30,704
Less: Preferred dividends 2,893 2,893 2,893 2,893
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Net income (loss) available to common shareholders $(51,199) $(51,199) $ 27,811 $ 27,811
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Earnings (Loss) Per Share ($0.95) ($0.95) $0.58 $0.58
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Nine Months Ended June 30
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Average Shares Outstanding
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Common shares 52,023 52,023 46,509 46,509
Preferred stock
Considered common equivalents 6 6 57 57
Options 999 1,091 680 909
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Total shares 53,028 53,120 47,246 47,475
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Income
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Continuing Operations $ 21,569 $ 21,569 $ 85,003 $ 85,003
Discontinued Operations 3,218 3,218
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Income before cumulative effect of changes in accounting principles 21,569 21,569 88,221 88,221
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 21,569 21,569 88,221 88,221
Less: Preferred dividends 8,679 8,679 6,107 6,107
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Net income available to common shareholders $ 12,890 $ 12,890 $ 82,114 $ 82,114
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Earnings Per Share
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Continuing operations $0.24 $0.24 $1.67 $1.66
Discontinued operations 0.07 0.07
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Before cumulative effect of changes in accounting principles 0.24 0.24 1.74 1.73
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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$0.24 $0.24 $1.74 $1.73
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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%.
(2) Preferred Stock which are considered common equivalents and stock options
are excluded because the effect would be anti dilutive and result in a
lower loss per share.