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                                                               EXHIBIT 11

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

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

  Net loss......................... $ (98.7)   $ (51.0)  $(316.1)  $ (39.8)
  Less:
    Series E Cumulative Convertible
     Exchangeable Preferred Stock
     dividend......................    (2.0)      (2.0)     (6.0)     (6.0)
  Net loss used in computing
   primary net loss per common
   share........................... $(100.7)   $ (53.0)  $(322.1)  $ (45.8)
  Primary Earnings Per Share....... $ (1.01)   $  (.53)  $ (3.24)  $  (.46)

Fully Diluted Earnings Per Share
  Shares of Common Stock:
    Weighted average number of
     common shares outstanding.....    99.3       99.2      99.3      99.2
    Dilutive effect of options and
     warrants......................      --         .3        --        .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     109.4

  Net loss......................... $ (98.7)   $ (51.0)  $(316.1)  $ (39.8)
  Less:
    Series E Cumulative Convertible
     Exchangeable Preferred Stock
     dividend......................    (2.0)      (2.0)     (6.0)     (6.0)
Add back:
    Interest on 8.875% convertible
     senior subordinated notes.....      .8         .8       2.4       2.4
    Interest on 6.75% convertible
     subordinated debentures.......      .4         .4       1.4       1.4
    Series E Cumulative Convertible
     Exchangeable Preferred Stock
      dividend.....................     2.0        2.0       6.0       6.0

  Net loss used in computing fully
   diluted net loss per common
   share........................... $ (97.5)   $ (49.8)  $(312.3)  $ (36.0)
  Fully Diluted Earnings Per
   Share(A)........................ $  (.89)   $  (.46)  $ (2.86)  $  (.33)


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

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