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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    Nine Months Ended
                                           September 30,        September 30, 
                                         __________________  __________________
                                            1995      1994      1995      1994 
                                         ________  ________  ________  ________
<S>                                      <C>       <C>       <C>       <C>
Primary Earnings Per Share 
  Shares of Common Stock:
    Weighted average number of 
      common shares outstanding.......      95.9      90.4      92.5      87.5 
                                         ________  ________  ________  ________
  Primary Weighted Average Shares 
    Outstanding.......................      95.9      90.4      92.5      87.5 
                                         ========  ========  ========  ========
  Net income (loss)...................   $ (48.9)  $ (73.7)  $ 175.8   $(234.4)
  Less:
    Series E Cumulative Convertible 
      Exchangeable Preferred Stock 
      dividend........................      (2.0)     (2.0)     (6.0)     (6.0)
                                         ________  ________  ________  ________
  Net income (loss) used in computing 
    primary net income (loss) per 
    common share......................   $ (50.9)  $ (75.7)  $ 169.8   $(240.4)
                                         ========  ========  ========  ========
  Primary Earnings Per Share..........   $  (.53)  $  (.84)  $  1.84   $ (2.75)
                                         ========  ========  ========  ========

Fully Diluted Earnings Per Share
  Shares of Common Stock:
    Weighted average number of common 
      shares outstanding..............      95.9      90.4      92.5      87.5 
    Dilutive effect of options and 
      warrants........................        --        .2        --        .2 
    Addition from assumed conversion 
      of 8.875% convertible senior 
      subordinated notes..............      12.3      21.6      18.5      21.6 
    Addition from assumed conversion 
      of 6.75% convertible 
      subordinated debentures.........       1.5       3.4       2.2       3.4 
    Addition from assumed conversion 
      of Series E Cumulative 
      Convertible Exchangeable 
      Preferred Stock.................       3.4       3.4       3.4       3.4 
                                         ________  ________  ________  ________
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 Fully Diluted Weighted Average Shares 
   Outstanding........................     113.1     119.0     116.6     116.1 
                                         ========  ========  ========  ========

  Net Income (Loss)...................   $ (48.9)  $ (73.7)  $ 175.8   $(234.4)
  Less:
    Series E Cumulative Convertible 
      Exchangeable Preferred Stock 
      dividend........................      (2.0)     (2.0)     (6.0)     (6.0)
    Income adjustment associated with 
      assumed conversion of Stone-
      Consolidated Corporation 8% 
      convertible subordinated 
      debentures......................      (5.1)       --      (9.0)       -- 
  Add back:
    Interest on 8.875% convertible 
      senior subordinated notes.......       1.9       3.4       8.7      10.2 
    Interest on 6.75% convertible 
      subordinated debentures.........        .5       1.2       2.3       3.5 
    Income adjustment associated with 
      assumed conversion of Stone-
      Consolidated Corporation 8% 
      convertible subordinated 
      debentures......................        --       1.1        --       6.6 
    Series E Cumulative Convertible 
      Exchangeable Preferred Stock 
      dividend........................       2.0       2.0       6.0       6.0 
                                         ________  ________  ________  ________

  Net income (loss) used in computing 
    fully diluted net income (loss) 
    per common share..................   $ (51.6)  $ (68.0)  $ 177.8   $(214.1)
                                         ========  ========  ========  ========

  Fully Diluted Earnings Per Share(A).   $  (.45)  $  (.57)  $  1.53   $ (1.84)
                                         ========  ========  ========  ========



<FN>
(A)   Fully diluted earnings per share for the three and nine months ended
      September 30, 1994 are not disclosed in the Consolidated Statements of
      Operations and Retained Earnings (Accumulated Deficit) because the
      amounts are anti-dilutive.


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