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, |
||||||||||||||
| 2007 | 2006 | 2007 | 2006 | ||||||||||||
| Earnings (loss) from continuing operations |
$ | 200 | $ | 62 | $ | 657 | $ | (1,150 | ) | ||||||
| Discontinued operations |
(10 | ) | 21 | (33 | ) | (3 | ) | ||||||||
| Net earnings (loss) |
190 | 83 | 624 | (1,153 | ) | ||||||||||
| Effect of dilutive securities |
— | — | — | — | |||||||||||
| Net earnings (loss) - assuming dilution |
$ | 190 | $ | 83 | $ | 624 | $ | (1,153 | ) | ||||||
| Average common shares outstanding |
428.0 | 486.9 | 436.6 | 486.6 | |||||||||||
| Effect of dilutive securities |
|||||||||||||||
| Restricted stock performance share plan |
2.4 | — | 3.2 | — | |||||||||||
| Stock options |
0.8 | 0.3 | 0.6 | — | |||||||||||
| Average common shares outstanding - assuming dilution |
431.2 | 487.2 | 440.4 | 486.6 | |||||||||||
| Earnings (loss) per common share from continuing operations |
$ | 0.46 | $ | 0.13 | $ | 1.50 | $ | (2.36 | ) | ||||||
| Discontinued operations |
(0.02 | ) | 0.04 | (0.07 | ) | (0.01 | ) | ||||||||
| Net earnings (loss) per common share |
$ | 0.44 | $ | 0.17 | $ | 1.43 | $ | (2.37 | ) | ||||||
| Earnings (loss) per common share from continuing operations - assuming dilution |
$ | 0.46 | $ | 0.13 | $ | 1.49 | $ | (2.36 | ) | ||||||
| Discontinued operations |
(0.02 | ) | 0.04 | (0.07 | ) | (0.01 | ) | ||||||||
| Net earnings (loss) per common share - assuming dilution |
$ | 0.44 | $ | 0.17 | $ | 1.42 | $ | (2.37 | ) | ||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.