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EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS
 9 Months Ended
Sep. 30, 2012
EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS
EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS
Basic earnings per common share are computed by dividing earnings by the weighted average number of common shares outstanding. Diluted earnings per common share are computed assuming that all potentially dilutive securities, including “in-the-money” stock options, were converted into common shares. A reconciliation of the amounts included in the computation of earnings (loss) per common share, and diluted earnings (loss) per common share is as follows: 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
In millions, except per share amounts
2012
 
2011
 
2012
 
2011
Earnings (loss) from continuing operations
$
223

 
$
468

 
$
524

 
$
992

Effect of dilutive securities (a)
—

 
—

 
—

 
—

Earnings (loss) from continuing operations – assuming dilution
$
223

 
$
468

 
$
524

 
$
992

Average common shares outstanding
435.1

 
432.3

 
434.7

 
432.2

Effect of dilutive securities (a)
 
 
 
 
 
 
 
Restricted stock performance share plan
4.7

 
2.9

 
5.0

 
4.5

Stock options (b)
—

 
—

 
—

 
—

Average common shares outstanding – assuming dilution
439.8

 
435.2

 
439.7

 
436.7

Basic earnings (loss) from continuing operations per common share
$
0.51

 
$
1.08

 
$
1.20

 
$
2.30

Diluted earnings (loss) from continuing operations per common share
$
0.51

 
$
1.08

 
$
1.19

 
$
2.27

 
(a)
Securities are not included in the table in periods when antidilutive.
(b)
Options to purchase 10.7 million shares and 16.9 million shares for the three months ended September 30, 2012 and 2011, respectively, and options to purchase 9.4 million shares and 16.9 million shares for the nine months ended September 30, 2012 and 2011, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting period.