EXHIBIT 11
STONE CONTAINER CORPORATION
COMPUTATION OF PRIMARY AND FULLY DILUTED
NET INCOME (LOSS) PER SHARE
(in millions, except per share)
YEAR ENDED DECEMBER 31,
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PRIMARY EARNINGS PER SHARE 1995 1994 1993
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Shares of Common Stock:
Weighted average number of common shares outstanding.......................................... 94.1 88.2 71.2
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Primary Weighted Average Shares Outstanding..................................................... 94.1 88.2 71.2
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Net Income (Loss)............................................................................... $ 255.5 $ (204.6) $ (358.7)
Less: Series E Cumulative Convertible Exchangeable Preferred Stock dividend..................... (8.1) (8.1) (8.1)
Redemption premium on redeemable preferred stock of a
consolidated affiliate.................................................................. -- (4.0) --
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Net income (loss) used in computing primary net income (loss) per common share.................. $ 247.4 $ (216.7) $ (366.8)
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Primary Earnings Per Share...................................................................... $ 2.63 $ (2.46) (5.15)
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YEAR ENDED DECEMBER 31,
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FULLY DILUTED EARNINGS PER SHARE 1995 1994 1993
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Shares of Common Stock:
Weighted average number of common shares outstanding.......................................... 94.1 88.2 71.2
Dilutive effect of options and warrants....................................................... -- .1 --
Addition from assumed conversion of 8.875% convertible senior subordinated notes.............. 15.2 21.6 10.4
Addition from assumed conversion of 6.75% convertible subordinated debentures................. 2.0 3.4 3.4
Addition from assumed conversion of Series E Cumulative Convertible Exchangeable Preferred
Stock........................................................................................ 3.4 3.4 3.4
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Fully Diluted Weighted Average Shares Outstanding............................................... 114.7 116.7 88.4
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Net Income (Loss)............................................................................... $ 255.5 $ (204.6) $ (358.7)
Less: Series E Cumulative Convertible Exchangeable Preferred Stock dividend..................... (8.1) (8.1) (8.1)
Income adjustment associated with assumed conversion of Stone-
Consolidated Corporation 8% convertible subordinated debentures......................... (10.6) -- --
Redemption premium on redeemable preferred stock of a consolidated affiliate............... -- (4.0) --
Add back: Interest on 8.875% convertible senior subordinated notes.............................. 9.5 13.5 6.8
Interest on 6.75% convertible subordinated debentures................................. 2.8 4.7 4.7
Income adjustment associated with assumed conversion of Stone-
Consolidated 8% convertible subordinated debentures................................ -- 6.9 .6
Series E Cumulative Convertible Exchangeable Preferred Stock dividend................. 8.1 8.1 8.1
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Net income (loss) used in computing fully diluted net income (loss) per common share............ $ 257.2 $ (183.5) $ (346.6)
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Fully Diluted Earnings Per Share (A)............................................................ $ 2.24 $ (1.57) $ (3.92)
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(A) Fully diluted earnings per share for 1994 and 1993 are not disclosed in the
consolidated financial statements because the amounts are anti-dilutive.
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