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,
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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 $(28,275) $131,202 $ 20,166 $ 32,001
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Average number of common shares outstanding 95,718 95,515 95,903 95,529
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Per share $ (.30) $ 1.37 $ .21 $ .33
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Fully diluted earnings (loss) per common share:
Net Income (Loss) Applicable to Common Stock $(28,275) $131,202 $ 20,166 $ 32,001
Add income effect, assuming conversion of
dilutive convertible securities -- -- -- --
-------- -------- -------- --------
Net income (loss) on a fully diluted basis $(28,275) $131,202 $ 20,166 $ 32,001
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Average number of common shares outstanding 95,718 95,515 95,903 95,529
Add common share effect, assuming conversion
of dilutive convertible securities -- -- -- --
-------- -------- -------- --------
Average number of common shares outstanding
on a fully diluted basis 95,718 95,515 95,903 95,529
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Per share $ (.30) $ 1.37 $ .21 $ .33
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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.