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)
Six Months Ended Three Months Ended
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June 30, June 30,
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1997 1996 1997 1996
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Primary earnings (loss) per common share:
Net Income (Loss) Applicable to Common Stock $ (48,441) $ 99,201 $ (11,358) $ 15,552
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Average number of common shares outstanding 95,625 95,508 95,659 95,511
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Per share ($0.51) $1.04 ($0.12) $0.16
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Fully diluted earnings (loss) per common share:
Net Income (Loss) Applicable to Common Stock $ (48,441) $ 99,201 $ (11,358) $ 15,552
Add income effect, assuming conversion of
dilutive convertible securities --- --- --- ---
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Net income (loss) on a fully diluted basis $ (48,441) $ 99,201 $ (11,358) $ 15,552
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Average number of common shares outstanding 95,625 95,508 95,659 95,511
Add common share effect, assuming conversion
of dilutive convertible securities --- --- --- ---
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Average number of common shares outstanding
on a fully diluted basis 95,625 95,508 95,659 95,511
========== ========== ========== ==========
Per share ($0.51) $1.04 ($0.12) $0.16
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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.