EX-11 2 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, ------------------ 2004 2003 ------ ------ Earnings from continuing operations $ 70 $ 51 Discontinued operations 3 3 Cumulative effect of accounting changes -- (10) ------ ------ Net earnings 73 44 Effect of dilutive securities -- -- ------ ------ Net earnings - assuming dilution $ 73 $ 44 ====== ====== Average common shares outstanding 484.4 479.0 Effect of dilutive securities Stock options 3.0 1.1 ------ ------ Average common shares outstanding - assuming dilution 487.4 480.1 ====== ====== Earnings per common share from continuing operations $ 0.14 $ 0.10 Discontinued operation 0.01 0.01 Cumulative effect of accounting changes -- (0.02) ------ ------ Net earnings per common share $ 0.15 $ 0.09 ====== ====== Net earnings per common share - assuming dilution $ 0.15 $ 0.09 ====== ======
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented. Stock options are antidilutive in periods when net losses are recorded.