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)
Three Months Ended
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March 31,
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1995 1994
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Primary earnings (loss) per common share:
Net Income (Loss) $ 131,225 $ (30,986)
Dividends on Preference Shares 6,938 6,938
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Net Income (Loss) Applicable to Common Stock $ 124,287 $ (37,924)
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Average number of common shares outstanding 93,385 92,946
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Per share $ 1.33 $ (.41)
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Fully diluted earnings (loss) per common share:
Net Income (Loss) Applicable to Common Stock $ 124,287 $ (37,924)
Add income effect, assuming conversion of
dilutive convertible securities 8,522 --
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Net income (loss) on a fully diluted basis $ 132,809 $ (37,924)
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Average number of common shares outstanding 93,385 92,946
Add common share effect, assuming conversion
of dilutive convertible securities 12,211 --
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Average number of common shares outstanding on
a fully diluted basis 105,596 92,946
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Per share $ 1.26 $ (.41)
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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.