<TABLE>

                            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,
                                         1996       1995       1996       1995 
                                      ________   ________   ________   ________
<S>                                   <C>        <C>        <C>        <C>
Primary Earnings Per Share
 Shares of Common Stock:
    Weighted average number of 
     common shares outstanding......     99.2       95.9       99.2       92.5 
                                      --------    -------   --------   -------
  Primary Weighted Average Shares 
   Outstanding......................     99.2       95.9       99.2       92.5 
                                      ========   ========   ========   ========
  Net income (loss).................  $ (51.0)   $ (48.9)   $ (39.8)   $ 175.8
  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....................  $ (53.0)   $ (50.9)   $ (45.8)   $ 169.8 
                                      ========   ========   ========   ========
  Primary Earnings Per Share........  $  (.53)   $  (.53)   $  (.46)   $  1.84 
                                      ========   ========   ========   ========

Fully Diluted Earnings Per Share
  Shares of Common Stock:
    Weighted average number of 
      common shares outstanding.....     99.2       95.9       99.2       92.5 
    Dilutive effect of options and 
      warrants......................       .3         --         .3         -- 
    Addition from assumed conversion 
      of 8.875% convertible senior 
      subordinated notes............      5.2       12.3        5.2       18.5 
    Addition from assumed conversion 
      of 6.75% convertible 
      subordinated debentures.......      1.3        1.5        1.3        2.2 
    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..............    109.4      113.1      109.4      116.6 
                                      ========   ========   ========   ========

  Net Income (loss).................  $ (51.0)   $ (48.9)   $ (39.8)   $ 175.8 
  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.....       .8        1.9        2.4        8.7 
    Interest on 6.75% convertible 
      subordinated debentures.......       .4         .5        1.4        2.3 
    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..  $ (49.8)   $ (51.6)   $ (36.0)   $ 177.8 
                                      ========   ========   ========   ========
  Fully Diluted Earnings Per 
    Share(A)........................  $  (.46)   $  (.45)   $  (.33)   $  1.53 
                                      ========   ========   ========   ========


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

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