EXHIBIT 11
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
Calculation of Basic Earnings (Loss) Per Common Share and
Diluted Earnings (Loss) Per Common Share (unaudited)
(in millions, except per share)
Nine Months Ended Three Months Ended
September 30, September 30,
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1998 1997 1998 1997
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Primary earnings (loss) per common share:
Net income (loss) applicable to common stock $ 82.4 $ (28.3) $ 31.3 $ 20.2
========= ========= ========= =========
Average number of common shares outstanding 96.0 95.7 95.7 95.9
========= ========= ========= =========
Basic earnings (loss) per share $ .86 $ (.30) $ .33 $ .21
========= ========= ========= =========
Diluted earnings (loss) per common share: (1)
Net income (loss) applicable to common stock $ 82.4 $ (28.3) $ 31.3 $ 20.2
Add income effect, assuming conversion of
potentially dilutive securities -- -- -- --
--------- --------- --------- ---------
Net income (loss) on a diluted basis $ 82.4 $ (28.3) $ 31.3 $ 20.2
========= ========= ========= =========
Average number of common shares outstanding 96.0 95.7 95.7 95.9
Add common share effect, assuming conversion
of potentially dilutive securities .8 -- .7 --
--------- --------- --------- ---------
Average number of common shares outstanding
on a diluted basis 96.8 95.7 96.4 95.9
========= ========= ========= =========
Diluted earnings (loss) per share $ .85 $ (.30) $ .32 $ .21
========= ========= ========= =========
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NOTE:
(1) The computation of diluted earnings per share assumes that the average
number of common shares outstanding during the period is increased by
dilutive common share equivalents and 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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