EXHIBIT 11
ALCO STANDARD CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
(In thousands, except earnings (loss) per share)
1996 1995 1994
--------------------------- ------------------------ ----------------------
Fully Fully Fully
Primary Diluted (1) Primary Diluted(1) Primary Diluted(1)
---------- ------------ --------- ----------- --------- -----------
Fiscal Year Ended September 30
Average Shares Outstanding
Common shares 125,856 125,856 114,296 114,296 109,336 109,336
Preferred stock
Considered common equivalents 10 10
Senior securities 2,396 9,016 2,066 2,372
Convertible loan notes 374
Options 1,793 1,912 2,178 2,472
---------- ------------ --------- ---------- --------- -----------
Total shares 127,649 130,538 116,474 125,784 111,412 111,718
========== ============ ========= ========== ========= ===========
Income
- ------
Continuing operations $ 164,893 $ 164,893 $ 115,011 $ 115,011 $ 1,996 $ 1,996
Discontinued operations 45,848 45,848 88,661 88,661 74,476 74,476
---------- ---------- ---------- ---------- --------- ----------
Net Income 210,741 210,741 203,672 203,672 76,472 76,472
Less: Preferred dividends 22,319 19,540 15,209 3,637 11,572 11,572
---------- ---------- ---------- ---------- --------- ----------
Net Income available to
common shareholders 188,422 $ 191,201 188,463 $ 200,035 $ 64,900 $ 64,900
========== ========== ========== ========== ========= ==========
Earnings (Loss) per share $1.12 $1.11 $0.86 $0.89 ($0.09) ($0.09)
Continuing operations 0.36 0.35 0.76 0.70 0.67 0.67
---------- ---------- ---------- ---------- --------- ----------
Discontinued operations $1.48 $1.46 $1.62 $1.59 $0.58 $0.58
========== ========== ========== ========== ========= ==========
(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%.