EXHIBIT 11
ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings (loss) per share)
1995 1994 1993
------------------------ ----------------------- -----------------------
Fully Fully Fully
Primary Diluted(1) Primary Diluted(1) Primary Diluted(1)
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Fiscal Year Ended September 30
Average Shares Outstanding
Common shares 110,342 110,342 105,382 105,382 93,314 93,314
Preferred stock
Considered common equivalents 10 10
Senior securities 9,016 2,066 2,372 96 96
Options 2,178 2,472 1,382 1,502
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Total shares 112,520 121,830 107,458 107,764 94,792 94,912
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Income (Loss)
Continuing operations $ 219,273 $ 219,273 $ 70,609 $ 70,609 $ 7,615 $ 7,615
Discontinued operations (16,541) (16,541) (7,515) (7,515)
-------- -------- -------- -------- -------- --------
Net Income 202,732 202,732 70,609 70,609 100 100
Less: Preferred dividends 15,209 3,637 11,572 11,572 9,571 9,571
-------- -------- -------- -------- -------- --------
Net income available to
common shareholders $ 187,523 $ 199,095 $ 59,037 $ 59,037 $ (9,471) $ (9,471)
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Earnings (Loss) Per Share
Continuing operations $1.81 $1.77 $0.55 $0.55 ($0.02) ($0.02)
Discontinued operations (0.14) (0.14) (0.08) (0.08)
-------- -------- -------- -------- -------- --------
$1.67 $1.63 $0.55 $0.55 ($0.10) ($0.10)
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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%.
Note: All amounts give effect of common stock split announced October 17, 1995.