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,
	2008		2007			2008			2007
Earnings from continuing operations	$	149	$	220		$	527		$	877
Discontinued operations		—		(3	)		(18	)		(36	)
Net earnings		149		217			509			841
Effect of dilutive securities		—		—			—			—
Net earnings – assuming dilution	$	149	$	217		$	509		$	841
Average common shares outstanding		421.2		422.3			421.0			431.8
Effect of dilutive securities
Restricted stock performance share plan		2.2		2.9			3.2			3.4
Stock options		—		0.4			—			0.5
Average common shares outstanding – assuming dilution		423.4		425.6			424.2			435.7
Earnings per common share from continuing operations	$	0.35	$	0.52		$	1.25		$	2.03
Discontinued operations		—		(0.01	)		(0.04	)		(0.08	)
Net earnings per common share	$	0.35	$	0.51		$	1.21		$	1.95
Earnings per common share from continuing operations – assuming dilution	$	0.35	$	0.52		$	1.24		$	2.01
Discontinued operations		—		(0.01	)		(0.04	)		(0.08	)
Net earnings per common share – assuming dilution	$	0.35	$	0.51		$	1.20		$	1.93

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