WICKES LUMBER COMPANY AND SUBSIDIARIES 
                  COMPUTATION OF EARNINGS PER SHARE    
                AND EQUIVALENT SHARES OF COMMON STOCK 
          (in thousands, except share and per share amounts)
                                             
                                       
<TABLE>
<CAPTION>
                                                                                                                                 
                                                                                                                                 
                                                                                                                                 
                                                                                      Year Ended                           
                                                     ------------    ------------    ------------    ------------    ------------
                                                     December 28,    December 30,    December 31,    December 25,    December 26,
                                                         1996            1995            1994            1993            1992
                                                     ------------    ------------    ------------    ------------    ------------
<S>                                                   <C>             <C>             <C>             <C>             <C>
Average Shares Outstanding                                                                                                   
  1.  Weighted average number of shares of                                                                              
      common stock outstanding during the                                                                                       
      period                                            7,207,761       6,135,610       6,084,513       2,708,462       1,977,430
  2.  Net additional common equivalent shares                                                                                    
      assuming exercise of common stock                                                                                          
      warrants as computed under the Treasury                                                                                    
      Stock Method                                         11,993          16,161          21,766         162,629         191,354
                                                      ------------    ------------    ------------    ------------    ------------
  3.  Weighted average number of shares and                                                                                      
      equivalent shares of common stock                                                                                          
      outstanding during the period                     7,219,754       6,151,771       6,106,279       2,871,091       2,168,784
                                                      ------------    ------------    ------------    ------------    ------------
                                                                                                                                 
Income(Loss)                                                                                                                     
  4.  Net income (loss) available for                                                                                            
      common stock                                    $       508     $   (15,599)    $    28,054     $     7,311     $     4,924
                                                                                                                                 
Per Share Amounts                                                                                                                
  Earnings (loss)                                                 
                                                      $      0.07     $     (2.54)    $      4.59     $      2.55     $      2.27  
                                                      ============    ============    ============    ============    ============
</TABLE>            
                                                            
   Earnings (loss) per share is computed by dividing net income (loss)
  available for common stock, by weighted average number of shares of
  common stock and common stock equivalents (warrants), unless anti-dilutive,
  outstanding during the periods.