Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended March 31,
	2005		2004
Earnings from continuing operations	$	77	$	51
Discontinued operations		—		22
Net earnings		77		73
Effect of dilutive securities		—		—
Net earnings - assuming dilution	$	77	$	73
Average common shares outstanding		486.1		484.4
Effect of dilutive securities
Profit sharing plan		1.5		—
Stock options		1.3		3.0
Average common shares outstanding - assuming dilution		488.9		487.4
Earnings per common share from continuing operations	$	0.16	$	0.10
Discontinued operations		—		0.05
Net earnings per common share	$	0.16	$	0.15
Earnings per common share from continuing operations - assuming dilution	$	0.16	$	0.10
Discontinued operations		—		0.05
Net earnings per common share - assuming dilution	$	0.16	$	0.15

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