Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Earnings (loss) from continuing operations	$	116		$	91		$	(1,063	)	$	198
Discontinued operations		(1	)		(14	)		(59	)		(44	)
Net earnings (loss)		115			77			(1,122	)		154
Effect of dilutive securities		—			—			—			—
Net earnings (loss) - assuming dilution	$	115		$	77		$	(1,122	)	$	154
Average common shares outstanding		486.9			485.9			486.6			486.0
Effect of dilutive securities
Profit sharing plan		—			1.2			—			1.2
Stock options		0.3			0.3			—			0.8
Average common shares outstanding - assuming dilution		487.2			487.4			486.6			488.0
Earnings (loss) per common share from continuing operations	$	0.24		$	0.19		$	(2.19	)	$	0.41
Discontinued operations		—			(0.03	)		(0.12	)		(0.09	)
Net earnings (loss) per common share	$	0.24		$	0.16		$	(2.31	)	$	0.32
Earnings (loss) per common share from continuing operations - assuming dilution	$	0.24		$	0.19		$	(2.19	)	$	0.41
Discontinued operations		—			(0.03	)		(0.12	)		(0.09	)
Net earnings (loss) per common share - assuming dilution	$	0.24		$	0.16		$	(2.31	)	$	0.32

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