EXHIBIT 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (c)

In millions except per share amounts		2009		2008			2007
Earnings (loss) from continuing operations	$	663	$	(1,269	)	$	1,215
Discontinued operations		–		(13	)		(47	)
Net earnings (loss)		663		(1,282	)		1,168
Effect of dilutive securities(a)		–		–			–
Net earnings (loss) - assuming dilution	$	663	$	(1,282	)	$	1,168
Average common shares outstanding		425.3		421.0			428.9
Effect of dilutive securities(a)
Restricted performance share plan		2.7		–			3.7
Stock options(b)		–		–			0.4
Average common shares outstanding - assuming dilution		428.0		421.0			433.0
Earnings (loss) per common share from continuing operations	$	1.56	$	(3.02	)	$	2.83
Discontinued operations		–		(0.03	)		(0.11	)
Net earnings (loss) per common share	$	1.56	$	(3.05	)	$	2.72
Earnings (loss) per common share from continuing operations - assuming dilution	$	1.55	$	(3.02	)	$	2.81
Discontinued operations		–		(0.03	)		(0.11	)
Net earnings (loss) per common share - assuming dilution	$	1.55	$	(3.05	)	$	2.70

(a) Securities are not included in the table in periods when antidilutive.

(b) Options to purchase 22.2 million, 25.1 million and 17.5 million shares for the years ended December 31, 2009, 2008 and 2007, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date.

(c) Attributable to International Paper Company common shareholders.