EX-11 5 ip-20161231exhibit11earnin.htm EXHIBIT 11 Exhibit


Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (b)
(Unaudited)
(In millions, except per share amounts)



In millions, except per share amounts
2016

 
2015

 
2014

 
Earnings (loss) from continuing operations
$
909

 
$
938

 
$
568

 
Discontinued operations
(5
)
 
—

 
(13
)
 
Net earnings (loss)
904

 
938

 
555

 
Effect of dilutive securities
—

 
—

 
—

 
Net earnings - assuming dilution
$
904

 
$
938

 
$
555

 
Average common shares outstanding
411.1

 
417.4

 
427.7

 
Effect of dilutive securities
 
 
 
 
 
 
Restricted stock performance share plan
4.5

 
3.2

 
4.2

 
Stock options (a)
—

 
—

 
0.1

 
Average common shares outstanding - assuming dilution
415.6

 
420.6

 
432.0

 
Earnings (loss) per common share from continuing operations
$
2.21

 
$
2.25

 
$
1.33

 
Discontinued operations
(0.01
)
 
—

 
(0.03
)
 
Net earnings (loss) per common share
$
2.20

 
$
2.25

 
$
1.30

 
Earnings (loss) per common share from continuing operations - assuming dilution
$
2.19

 
$
2.23

 
$
1.31

 
Discontinued operations
(0.01
)
 
—

 
(0.02
)
 
Net earnings (loss) per common share - assuming dilution
$
2.18

 
$
2.23

 
$
1.29

 

(a) Options to purchase shares were not included in the computation of diluted common shares outstanding if their exercise price exceeded the average market price of the Company's common stock for each respective reporting date.