Exhibit 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (1)

(Unaudited)

(In millions, except per share amounts)

	Three Months  Ended September 30,				Nine Months  Ended September 30,
	2010		2009		2010		2009
Net earnings (loss)	$	397	$	371	$	328	$	764
Effect of dilutive securities		0		0		0		0
Net earnings (loss) – assuming dilution	$	397	$	371	$	328	$	764
Average common shares outstanding		430.1		426.1		429.5		424.8
Effect of dilutive securities
Restricted stock performance share plan		3.7		2.6		4.3		1.8
Stock options		0		0		0		0
Average common shares outstanding – assuming dilution		433.8		428.7		433.8		426.6
Basic earnings (loss) per common share	$	0.92	$	0.87	$	0.76	$	1.80
Diluted earnings (loss) per common share	$	0.91	$	0.87	$	0.76	$	1.79

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

(1) Attributable to International Paper Company common shareholders.