Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (1)

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Earnings (loss) from continuing operations	$	562	$	366	$	1,351	$	642
Discontinued operations	—		29		345		42
Net earnings (loss)	562		395		1,696		684
Effect of dilutive securities	—		—		—		—
Net earnings - assuming dilution	$	562	$	395	$	1,696	$	684
Average common shares outstanding	407.4		412.9		411.4		412.6
Effect of dilutive securities
Restricted stock performance share plan	4.0		4.5		4.9		4.8
Average common shares outstanding - assuming dilution	411.4		417.4		416.3		417.4
Earnings (loss) per common share from continuing operations	$	1.38	$	0.89	$	3.28	$	1.55
Discontinued operations	—		0.07		0.84		0.10
Net earnings (loss) per common share	$	1.38	$	0.96	$	4.12	$	1.65
Earnings (loss) per common share from continuing operations - assuming dilution	$	1.37	$	0.88	$	3.25	$	1.54
Discontinued operations	—		0.07		0.83		0.10
Net earnings (loss) per common share - assuming dilution	$	1.37	$	0.95	$	4.08	$	1.64

Note: If an amount does not appear in the above table, the security was antidilutive for the periods presented.

(1) Attributable to International Paper Company common shareholders.