Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended March 31,
	2008			2007
Earnings from continuing operations	$	150		$	457
Discontinued operations		(17	)		(23	)
Net earnings		133			434
Effect of dilutive securities		—			—
Net earnings - assuming dilution	$	133		$	434
Average common shares outstanding		420.6			445.3
Effect of dilutive securities
Restricted stock performance share plan		2.6			2.7
Stock options		0.1			0.4
Average common shares outstanding - assuming dilution		423.3			448.4
Earnings per common share from continuing operations	$	0.36		$	1.03
Discontinued operations		(0.04	)		(0.05	)
Net earnings per common share	$	0.32		$	0.98
Earnings per common share from continuing operations - assuming dilution	$	0.35		$	1.02
Discontinued operations		(0.04	)		(0.05	)
Net earnings per common share - assuming dilution	$	0.31		$	0.97

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