EXHIBIT (11.2)

              THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES

             CALCULATION OF FULLY DILUTED NET EARNINGS PER COMMON
                        AND COMMON EQUIVALENT SHARE (1)

             (All amounts in thousands, except per share amounts)



 
 
                                                          Year Ended December 31
                                                       ----------------------------
                                                         1996      1995      1994
                                                       --------  --------  --------
                                                                  
NET EARNINGS APPLICABLE TO COMMON AND COMMON
 EQUIVALENT SHARES                                     $195,344  $349,972  $701,386
                                                       ========  ========  ========
AVERAGE NUMBER OF SHARES OUTSTANDING ON A
 FULLY DILUTED BASIS:
  Shares used in calculating primary earnings
   per share                                             53,169    55,293    62,555
 
  Additional dilutive effect of stock options after
   application of treasury stock method                     173         8       172
                                                       --------  --------  --------
AVERAGE NUMBER OF SHARES OUTSTANDING ON A
 FULLY DILUTED BASIS                                     53,342    55,301    62,727
                                                       ========  ========  ========
FULLY DILUTED NET EARNINGS PER COMMON
 AND COMMON EQUIVALENT SHARE                           $   3.66  $   6.33  $  11.18
                                                       ========  ========  ========
 


(1) This calculation is submitted in accordance with 17 CFR 229.601(b)(11)
although not required by APB Opinion No. 15 because it results in dilution of
less than 3%.

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