<TABLE>
                                      
                                                                   EXHIBIT 11
                         Stone Container Corporation
             Computation of Basic and Diluted Net Loss per Share
                       (in millions, except per share)

<CAPTION>
                                 Three Months Ended     Six Months Ended
                                      June 30,              June 30,
                                     1998       1997       1998       1997
<S>                                <C>        <C>        <C>        <C>
Basic Earnings Per Share                                                  
Shares of Common Stock:                                                   
 Weighted average number of                                               
common                               99.8       99.3       99.7       99.3
   Shares outstanding
Basic Weighted Average Shares        99.8       99.3       99.7       99.3
 Outstanding
                                                                          
Net loss                         $(156.6)   $(120.7)   $(225.7)   $(217.4)
Less:                                                                     
 Series E Cumulative                                                      
Convertible                         (2.0)      (2.0)      (4.0)      (4.0)
  Exchangeable Preferred Stock
   dividend
Net loss used in computing                                                
basic net                        $(158.6)   $(122.7)   $(229.7)   $(221.4)
  loss per common share                
Basic Earnings Per Share         $ (1.59)   $ (1.23)   $ (2.30)   $ (2.23)
                                        
Diluted Earnings Per Share                                                
Shares of Common Stock:                                                   
 Weighted average number of                                               
common                               99.8       99.3       99.7       99.3
  shares Outstanding
 Dilutive effect of options            .9         --         .4         --
and
  warrants
 Addition from assumed                                                    
conversion of                         5.1        5.1        5.1        5.1
  8.875% convertible senior
  subordinated notes
 Addition from assumed                                                    
conversion of 6.75%                   1.3        1.3        1.3        1.3
convertible debentures
 Addition from assumed                                                    
conversion of                                                             
  Series E Cumulative                 3.4        3.4        3.4        3.4
Convertible
  Exchangeable Preferred Stock
Diluted Weighted Average            110.5      109.1      109.9      109.1
Shares Outstanding
                                                                          
Net loss                         $(156.6)   $(120.7)   $(225.7)   $(217.4)
Less:                                                                     
 Series E Cumulative                                                      
Convertible                         (2.0)      (2.0)      (4.0)      (4.0)
  Exchangeable Preferred Stock
  dividend
Add back:                                                                 
 Interest on 8.875%                                                       
convertible                            .8         .8        1.6        1.6
  senior Subordinated notes
 Interest on 6.75% convertible                                            
subordinated                           .5         .5         .9         .9
  Debentures
 Series E Cumulative                                                      
Convertible                           2.0        2.0        4.0        4.0
  Exchangeable Preferred Stock
  dividend
                                                                          
Net loss used in computing                                                
diluted                          $(155.3)   $(119.4)   $(223.2)   $(214.9)
  net income per common share          
Diluted Earnings Per Share(A)    $ (1.41)   $ (1.09)   $ (2.03)   $ (1.97)
                                        


<FN>
(A)  Diluted earnings per share for the three and six months ended June 30,
  1998 and 1997 are different from the consolidated financial statements
  because amounts are anti-dilutive.

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