EX-11 5 ex11.txt EXHIBIT 11 Exhibit 11 INTERNATIONAL PAPER COMPANY STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (Unaudited) (In millions, except per share amounts)
Three Months Ended March 31, ------------------ 2003 2002 ------ ------- Earnings before accounting changes $ 54 $ 65 Cumulative effect of accounting changes (10) (1,175) ------ ------- Net earnings (loss) 44 (1,110) Effect of dilutive securities -- -- ------ ------- Net earnings (loss) - assuming dilution $ 44 $(1,110) ====== ======= Average common shares outstanding 479.0 482.3 Effect of dilutive securities Stock options 1.1 2.0 ------ ------- Average common shares outstanding - assuming dilution 480.1 484.3 ====== ======= Earnings per common share before accounting changes $ 0.11 $ 0.13 Cumulative effect of accounting changes (0.02) (2.44) ------ ------- Net earnings (loss) per common share $ 0.09 $ (2.31) ====== ======= Net earnings (loss) per common share - assuming dilution $ 0.09 $ (2.31) ====== =======
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented. Antidilutive securities included preferred securities of a subsidiary trust for the periods presented. Stock options are antidilutive in periods when net losses are recorded.