EXHIBIT 11
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ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings per share)
1995 1994
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Fully Fully
Primary Diluted(1) Primary Diluted(1)
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Three Months Ended June 30
Average Shares Outstanding
Common shares 55,334 55,334 53,915 53,915
Preferred stock
Considered common equivalents
Senior Securities 4,508
Options 1,037 1,116
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Total shares 56,371 60,958 53,915 53,915
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Income
Net income $ 58,922 $ 58,922 $ (48,306) $ (48,306)
Less: Preferred dividends 2,893 2,893 2,893
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Income available to common
shareholders $ 56,029 $ 58,922 $ (51,199) $ (51,199)
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Earnings Per Share $0.99 $0.97 ($0.95) ($0.95)
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Nine Months Ended June 30
Average Shares Outstanding
Common shares 54,962 54,962 52,023 52,023
Preferred stock
Considered common equivalents 6 6
Senior securities 4,508
Options 1,061 1,185 999 1,091
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Total shares 56,023 60,655 53,028 53,120
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Income
Net Income $ 153,516 $ 153,516 $ 21,569 $ 21,569
Less: Preferred dividends 8,679 8,679 8,679
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Income available to common
shareholders $ 144,837 $ 153,516 $ 12,890 $ 12,890
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Earnings Per Share $2.59 $2.53 $0.24 $0.24
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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 Opinion
No. 15 because it results in dilution of less than 3%.