<PAGE>

                                                                      EXHIBIT 11



              CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES

              Calculation of Basic Earnings Per Common Share and
                 Diluted Earnings Per Common Share (unaudited)
                        (in millions, except per share)


<TABLE>
<CAPTION>

                                                          Six Months Ended            Three Months Ended
                                                              June 30,                     June 30,
                                                     --------------------------   --------------------------
                                                        1999          1998           1999          1998
                                                     ------------  ------------   ------------  ------------
 <S>                                                <C>           <C>            <C>           <C>
 Basic earnings per common share (1):
   Net income applicable to common stock                  $ 80.9        $ 51.1         $ 39.3        $ 32.1
                                                     ============  ============   ============  ============


   Average number of common shares outstanding              95.7          96.2           95.8          96.2
                                                     ============  ============   ============  ============


   Basic earnings per common share                         $ .85         $ .53          $ .41         $ .33
                                                     ============  ============   ============  ============

 Diluted earnings per common share: (1, 2):
   Net income applicable to common stock                  $ 80.9        $ 51.1         $ 39.3        $ 32.1
                                                     ============  ============   ============  ============

   Average number of common shares outstanding              95.7          96.2           95.8          96.2

   Add common share effect, assuming conversion
     of potentially dilutive securities                       .6            .8             .5            .8
                                                     ------------  ------------   ------------  ------------
   Average number of common shares outstanding
     on a diluted basis                                     96.3          97.0           96.3          97.0
                                                     ============  ============   ============  ============

   Diluted earnings per common share                       $ .84         $ .53          $ .41         $ .33
                                                     ============  ============   ============  ============

</TABLE>
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NOTES:

      (1)   Basic  earnings  per common share is computed by dividing net income
            applicable to common  stockholders  by the average  number of common
            shares  outstanding.  The computation of diluted earnings per common
            share assumes that the average  number of common shares  outstanding
            is increased by dilutive common share equivalents.

      (2)   Potentially  dilutive  securities at June 30, 1999  included  shares
            issuable pursuant to certain stock-based compensation  arrangements.
            These  securities  included 319,500 shares issuable upon the vesting
            of the  restricted  share units as well as 155,000  shares  issuable
            upon the  exercise of stock  options  calculated  using the treasury
            stock method.