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.