EXHIBIT 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (C)

In millions except per share amounts		2010		2009		2008
Earnings (loss) from continuing operations	$	644	$	663	$	(1,269	)
Discontinued operations		0		0		(13	)
Net earnings (loss)		644		663		(1,282	)
Effect of dilutive securities (a)		0		0		0
Net earnings (loss) – assuming dilution	$	644	$	663	$	(1,282	)
Average common shares outstanding		429.8		425.3		421.0
Effect of dilutive securities (a)
Restricted performance share plan		4.4		2.7		0
Stock options (b)		0		0		0
Average common shares outstanding – assuming dilution		434.2		428.0		421.0
Earnings (loss) per common share from continuing operations	$	1.50	$	1.56	$	(3.02	)
Discontinued operations		0		0		(0.03	)
Net earnings (loss) per common share	$	1.50	$	1.56	$	(3.05	)
Earnings (loss) per common share from continuing operations – assuming dilution	$	1.48	$	1.55	$	(3.02	)
Discontinued operations		0		0		(0.03	)
Net earnings (loss) per common share – assuming dilution	$	1.48	$	1.55	$	(3.05	)

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

(b) Options to purchase 18.2 million, 22.1 million and 25.1 million shares for the years ended December 31, 2010, 2009 and 2008, 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.