EXHIBIT 11
			FEDERAL PAPER BOARD COMPANY, INC.
		   COMPUTATION OF EARNINGS PER COMMON SHARE
				  (Unaudited)


				     For the                    For the
			       Twelve Weeks Ended       Thirty-Six Weeks Ended
			     Sept. 9,     Sept. 10,      Sept. 9,    Sept. 10,
In thousands, except           1995         1994           1995         1994
per share amounts                 
                                                         
Assuming No Dilution:
Net Income                      $55,300     $15,200      $160,200    $ 23,900                                         
Preferred Dividend Requirements    (166)     (1,524)       (2,943)     (4,573)
Net Income Applicable to 
Common Shares                   $55,134     $13,676      $157,257    $ 19,327  
		
Actual Weighted Average Number 
of Common Shares Outstanding     46,042      42,265        43,822      42,216   

Earnings Per Common Share 
Assuming No Dilution            $  1.20     $   .32      $   3.59    $    .46                                                       

Assuming Full Dilution:
Net Income                      $55,300     $15,200      $160,200    $ 23,900        
Preferred Dividend
Requirements                       -         (1,509)         -         (4,527)        
Net Income Applicable to 
Common Shares, Common
Equivalent Shares and 
Dilutive Securities             $55,300     $13,691      $160,200    $ 19,373                                                  

Shares:
Adjusted Weighted Average 
Number of Common Shares 
Outstanding                      44,678      42,259        42,824      42,208        
Dilutive Common Equivalent 
Shares Issuable Under Stock 
Option Plans                      1,255         755         1,358         728       
Common Shares Issuable Assuming
Conversion of $1.20 Convertible 
Preferred Stock                     253         279           262         289       
Common Shares Issuable Assuming 
Conversion of $2.875 Convertible 
Preferred Stock                   2,979         (a)         3,923         (a)    
Weighted Average Number of 
Common and Dilutive Common 
Equivalent Shares and Dilutive 
Securities                       49,165      43,293        48,367      43,225                                                 
Earnings Per Common Share 
Assuming Full Dilution          $  1.12     $   .32      $   3.31    $    .45  




				      -18-





							      EXHIBIT 11
							      (Continued)
			FEDERAL PAPER BOARD COMPANY, INC.
		   COMPUTATION OF EARNINGS PER COMMON SHARE
				  (Unaudited)


				     For the                    For the
			       Twelve Weeks Ended       Thirty-Six Weeks Ended
			     Sept. 9,     Sept. 10,      Sept. 9,    Sept. 10,
In thousands, except           1995         1994           1995         1994
per share amounts                 
                                                         
Primary Earnings Per Share (b):
Shares:
  Weighted Average Number of 
   Common Shares Outstanding    46,042      42,265       43,822      42,216 
  Dilutive Common Equivalent 
   Shares Issuable Under        
   Stock Option Plans            1,062         513          844         381 
  Weighted Average Number 
   of Common and Dilutive                                
   Common Equivalent Shares     47,104      42,778       44,666      42,597
																							     
Primary Earnings Per 
  Common Share                   $1.17        $.32        $3.52        $.45
							 


<FN>
(a)        Antidilutive issue.            

(b)        The calculation of primary earnings per share is
	   presented in accordance with Securities Exchange Act of 1934
	   Release No. 9083 although not required by footnote 3 paragraph
	   14 of APB Opinion No. 15 because it results in dilution of less
	   than 3%.  Earnings applicable to common shares are the same as
	   in the calculation assuming no dilution.

</FN>















				      -19-