EXHIBIT 11
ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings per share)
1996 1995
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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 128,905 128,905 114,622 114,622
Preferred stock
Senior Securities 9,016
Convertible loan notes 373
Options 2,050 2,067 2,074 2,232
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Total shares 130,955 131,345 116,696 125,870
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Income
Continuing Operations $ 43,656 $ 43,656 $ 30,868 $ 30,868
Discontinued Operations (20,143) (20,143) 29,018 29,018
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Net Income $ 23,513 $ 23,513 $ 59,886 $ 59,886
Less: Preferred dividends 4,885 4,885 2,893
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Net income available to common shareholders $ 18,628 $ 18,628 $ 56,993 $ 59,886
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Earnings (Loss) Per Share
Continuing Operations $ 0.30 $ 0.30 $ 0.24 $ 0.25
Discontinued Operations (0.16) (0.16) 0.25 0.23
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Earnings Per Share $ 0.14 $ 0.14 $ 0.49 $ 0.48
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Nine Months Ended June 30
Average Shares Outstanding
Common shares 124,332 124,332 113,878 113,878
Preferred stock
Senior Securities 3,202 9,016
Convertible loan notes 373
Options 1,872 1,968 2,122 2,370
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Total shares 126,204 129,875 116,000 125,264
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Income
Continuing Operations $121,079 $121,079 $ 84,616 $ 84,616
Discontinued Operations 34,717 34,717 71,978 71,978
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Net Income $155,796 $155,796 $156,594 $156,594
Less: Preferred dividends 17,434 14,655 8,679
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Net income available to common shareholders $138,362 $141,141 $147,915 $156,594
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Earnings (Loss) Per Share
Continuing Operations $ 0.82 $ 0.82 $ 0.66 $ 0.68
Discontinued Operations 0.28 0.27 0.62 0.57
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Earnings Per Share $ 1.10 $ 1.09 $ 1.28 $ 1.25
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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%.