Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006
Earnings (loss) from continuing operations	$	220		$	385		$	877		$	(765	)
Discontinued operations		(3	)		(161	)		(36	)		(164	)
Net earnings (loss)		217			224			841			(929	)
Effect of dilutive securities		—			—			—			—
Net earnings (loss) - assuming dilution	$	217		$	224		$	841		$	(929	)
Average common shares outstanding		422.3			482.5			431.8			485.2
Effect of dilutive securities
Restricted stock performance share plan		2.9			2.1			3.4			—
Stock options		0.4			0.3			0.5			—
Average common shares outstanding - assuming dilution		425.6			484.9			435.7			485.2
Earnings (loss) per common share from continuing operations	$	0.52		$	0.81		$	2.03		$	(1.57	)
Discontinued operations		(0.01	)		(0.34	)		(0.08	)		(0.34	)
Net earnings (loss) per common share	$	0.51		$	0.47		$	1.95		$	(1.91	)
Earnings (loss) per common share from continuing operations - assuming dilution	$	0.52		$	0.80		$	2.01		$	(1.57	)
Discontinued operations		(0.01	)		(0.34	)		(0.08	)		(0.34	)
Net earnings (loss) per common share - assuming dilution	$	0.51		$	0.46		$	1.93		$	(1.91	)

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