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                                                       EXHIBIT 11


                         STONE CONTAINER CORPORATION
                  COMPUTATION OF PRIMARY AND FULLY DILUTED
                        NET INCOME (LOSS) PER SHARE
                      (in millions, except per share)



<CAPTION>
                                      Three Months Ended  Six Months Ended
                                           June 30,           June 30,
                                         1997      1996      1997      1996
<S>                                   <C>       <C>       <C>       <C>
Primary Earnings Per Share
  Shares of Common Stock:
    Weighted average number of
     common shares outstanding......     99.3      99.2      99.3      99.4
  Primary Weighted Average Shares
    Outstanding.....................     99.3      99.2      99.3      99.4

  Net income (loss).................  $(120.7)  $ (21.1)  $(217.4)  $  11.3
  Less:
    Series E Cumulative Convertible
      Exchangeable Preferred Stock
      dividend......................     (2.0)     (2.0)     (4.0)     (4.0)
  Net income (loss) used in
   computing primary net income
   (loss) per common share..........  $(122.7)   $(23.1)  $(221.4)  $   7.3
  Primary Earnings Per Share........  $ (1.23)   $ (.23)  $ (2.23)  $   .07

Fully Diluted Earnings Per Share
  Shares of Common Stock:
    Weighted average number of
     common shares outstanding......     99.3      99.2      99.3      99.4
    Dilutive effect of options and
     warrants.......................       --        .3        --        --
    Addition from assumed conversion
     of 8.875% convertible senior
      subordinated notes............      5.1       5.2       5.1       5.2
    Addition from assumed conversion
     of 6.75% convertible
     subordinated debentures........      1.3       1.3       1.3       1.3
    Addition from assumed conversion
     of Series E Cumulative
     Convertible Exchangeable
     Preferred Stock................      3.4       3.4       3.4       3.4
  Fully Diluted Weighted Average
   Shares Outstanding...............    109.1     109.4     109.1     109.3

  Net Income (loss).................  $(120.7)  $ (21.1)  $(217.4)  $  11.3
  Less:
    Series E Cumulative Convertible
     Exchangeable Preferred Stock
     dividend.......................     (2.0)     (2.0)     (4.0)     (4.0)
Add back:
    Interest on 8.875% convertible
     senior subordinated notes.....        .8        .8       1.6       1.6
    Interest on 6.75% convertible
     subordinated debentures.......        .5        .5        .9        .9
    Series E Cumulative Convertible
     Exchangeable Preferred Stock
     dividend......................       2.0       2.0       4.0       4.0

  Net income (loss) used in
   computing fully diluted net income
   (loss) per common share.........   $(119.4)  $ (19.8)  $(214.9)  $  13.8
  Fully Diluted Earnings Per
   Share(A)........................   $ (1.09)  $  (.18)  $ (1.97)  $   .13



<FN>
(A)  Fully diluted earnings per share for the three and six months ended
     June 30, 1997 and 1996 are not presented in the consolidated financial
     statements due to anti-dilutive nature.

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