EXHIBIT 11
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
Calculation of Primary Earnings (Loss) Per Common Share and
Fully Diluted Earnings (Loss) Per Common Share (unaudited)
(in thousands, except per share)
Nine Months Ended Three Months Ended
---------------------- -----------------------
September 30, September 30,
---------------------- -----------------------
1993 1992 1993 1992
--------- --------- ---------- ---------
Primary earnings (loss) per common share:
Net Income (Loss) $(111,413) $(411,472) $ (53,484) $ 47,640
Dividends on Preference Shares 20,813 20,813 6,938 6,938
--------- --------- --------- ---------
Net Income (Loss) Applicable to Common Stock $(132,226) $(432,285) $ (60,422) $ 40,702
========= ========= ========= =========
Average number of common shares outstanding 92,765 92,632 92,834 92,654
========= ========= ========= =========
Per share $ (1.42) $ (4.67) $ (.65) $ .43
========= ========= ========= =========
Fully diluted earnings (loss) per common share:
Net Income (Loss) Applicable to Common Stock $(132,226) $(432,285) $ (60,422) $ 40,702
========= ========= ========= =========
Add income effect, assuming conversion of
dilutive convertible securities --- --- --- ---
--------- --------- --------- ---------
Net income (loss) on a fully diluted basis $(132,226) $(432,285) $ (60,422) $ 40,702
========= ========= ========= =========
Average number of common shares outstanding 92,765 92,632 92,834 92,654
Add common share effect, assuming conversion
of dilutive convertible securities --- --- --- ---
Average number of common shares outstanding on --------- --------- --------- ---------
a fully diluted basis 92,765 92,632 92,834 92,654
========= ========= ========= =========
Per share $ (1.42) $ (4.67) $ (.65) $ .43
========= ========= ========= =========
NOTE:
(1) The computation of fully diluted earnings per common share assumes that the
average number of common shares outstanding during the period is increased
by the conversion of securities having a dilutive effect, and that net
income applicable to common stock is increased by dividends and after-tax
interest on such securities.
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