Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

In millions, except per share amounts	2005		2004			2003
Earnings from continuing operations before accounting changes	$	859	$	456		$	258
Discontinued operations		241		(491	)		57
Cumulative effect of accounting changes		–		–			(13	)
Net earnings (loss)		1,100		(35	)		302
Effect of dilutive securities		27		–			–
Net earnings (loss) – assuming dilution	$	1,127	$	(35	)	$	302
Average common shares outstanding		486.0		485.8			479.6
Effect of dilutive securities
Restricted shares		0.8		–			–
Stock options		2.9		2.6			1.5
Contingently convertible debt		20.0		–			–
Average common shares outstanding – assuming dilution		509.7		488.4			481.1
Earnings (loss) per common share from:
Continuing operations before accounting changes	$	1.77	$	0.94		$	0.54
Discontinued operations		0.49		(1.01	)		0.12
Cumulative effect of accounting changes		–		–			(0.03	)
Net earnings (loss) per share	$	2.26	$	(0.07	)	$	0.63
Earnings per common share from:
Continuing operations before accounting changes – assuming dilution	$	1.74	$	0.93		$	0.53
Discontinued operations		0.47		(1.00	)		0.13
Cumulative effect of accounting changes		–		–			(0.03	)
Net earnings (loss) per common share – assuming dilution	$	2.21	$	(0.07	)	$	0.63

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