EXHIBIT (11.2)


               THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES

             CALCULATION OF FULLY DILUTED NET EARNINGS PER COMMON 
                        AND COMMON EQUIVALENT SHARE (1)
              (All amounts in thousands, except per share amounts)



                                                       Year Ended December 31
                                                     ---------------------------
                                                       1994      1993     1992
                                                     --------  --------  -------
                                                                
NET EARNINGS APPLICABLE TO COMMON AND COMMON        
 EQUIVALENT SHARES                                   $701,386  $124,166  $71,603
                                                     ========  ========  =======
AVERAGE NUMBER OF SHARES OUTSTANDING ON A           
 FULLY DILUTED BASIS:                               
  Shares used in calculating primary earnings       
   per share                                           62,555    59,593   59,009
                                                   
  Additional dilutive effect of stock options       
   after application of treasury stock method             172        99       76
                                                     --------  --------  -------
AVERAGE NUMBER OF SHARES OUTSTANDING ON A           
 FULLY DILUTED BASIS                                   62,727    59,692   59,085
                                                     ========  ========  =======
FULLY DILUTED NET EARNINGS PER COMMON               
 AND COMMON EQUIVALENT SHARE                         $  11.18  $   2.08  $  1.21
                                                     ========  ========  =======


(1) This calculation is submitted in accordance with 17 CFR 229.601(b)(11)
although not required by APB Opinion No. 15 because it results in dilution of
less than 3%.


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