EXHIBIT 11
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
Calculation of Primary Earnings Per Common Share and
Fully Diluted Earnings Per Common Share (unaudited)
(in thousands, except per share)
Three Months Ended
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March 31,
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1996 1995
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Primary earnings per common share:
Net Income $ 83,649 $131,225
Dividends on Preference Shares --- 6,938
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Net Income Applicable to Common Stock $ 83,649 $124,287
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Average number of common shares
outstanding 95,505 93,385
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Per share $.88 $1.33
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Fully diluted earnings per common
share:
Net Income Applicable to Common Stock $ 83,649 $124,287
Add income effect, assuming conversion
of dilutive convertible securities --- 8,522
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Net income on a fully diluted basis $ 83,649 $132,809
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Average number of common shares
outstanding 95,505 93,385
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 95,505 105,596
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Per share $ .88 $ 1.26
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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.