EXHIBIT (11.1)

               THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES

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


 
 
                                                           Year Ended December 31
                                                        ----------------------------
                                                          1995      1994      1993
                                                        --------  --------  --------
                                                                   
NET EARNINGS APPLICABLE TO COMMON AND COMMON
 EQUIVALENT SHARES:                                     $349,972  $695,725  $124,166
 
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
 SECURITIES - Interest Savings (net of tax) on
 Convertible Subordinated Debentures as if converted
 at the beginning of the period                                      5,661
                                                        --------  --------  -------- 
                                                        $349,972  $701,386  $124,166
                                                        ========  ========  ========
 
AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
 SHARES OUTSTANDING:
  Average number of common shares outstanding             54,380    59,333    59,021
 
  Dilutive effect of stock options after
   application of treasury stock method                      913       621       572
 
  Adjustment of other potentially dilutive
   securities - Dilutive effect of Convertible
   Subordinated Debentures as if converted at the
   beginning of the year                                             2,601
                                                        --------   -------  --------
AVERAGE NUMBER OF COMMON AND COMMON
 EQUIVALENT SHARES OUTSTANDING                            55,293    62,555    59,593
                                                        ========  ========  ========
PRIMARY NET EARNINGS PER COMMON
 AND COMMON EQUIVALENT SHARE                               $6.33    $11.21     $2.08
                                                        ========  ========  ========


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