EXHIBIT 11
ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings per share)
1996 1995
---------------------------- -----------------------------
Fully Fully
Primary Diluted(1) Primary Diluted(1)
--------- ----------- ---------- ------------
Three Months Ended March 31
Average Shares Outstanding
Common shares 126,709 126,709 109,308 109,308
Preferred stock
Senior Securities 848 9,016
Convertible loan notes 367
Options 1,742 1,941 2,010 2,168
--------- ----------- ---------- ------------
Total shares 128,451 129,865 111,318 120,492
========= =========== ========== ============
Income
Net Income $ 71,137 $ 71,137 $ 49,125 $ 49,125
Less: Preferred dividends 4,885 4,885 2,893
--------- ----------- ---------- -----------
Net income available to common shareholders $ 66,252 $ 66,252 $ 46,232 $ 49,125
========= =========== ========== ===========
--------- ----------- ---------- -----------
Earnings Per Share $0.52 $0.51 $0.42 $0.41
========= =========== ========== ===========
Six Months Ended March 31
Average Shares Outstanding
Common shares 122,054 122,054 109,188 109,188
Preferred stock
Senior Securities 4,793 9,016
Convertible loan notes 374
Options 1,784 2,054 2,088 2,270
--------- ----------- ---------- -----------
Total shares 123,838 129,275 111,276 120,474
========= =========== ========== ===========
Income
Net Income $ 132,552 $ 132,552 $ 94,594 $ 94,594
Less: Preferred dividends 12,549 9,770 5,786
--------- ----------- ---------- -----------
Net income available to common shareholders $ 120,003 $ 122,782 $ 88,808 $ 94,594
========= =========== ========== ===========
--------- ----------- ---------- -----------
Earnings Per Share $0.97 $0.95 $0.80 $0.79
========= =========== ========== ===========
(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%.