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EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS
 6 Months Ended
Jun. 30, 2012
EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS

NOTE 4 – EARNINGS PER SHARE ATTRIBUTABLE TO INTERNATIONAL PAPER COMPANY COMMON SHAREHOLDERS

Basic earnings per common share are computed by dividing earnings by the weighted average number of common shares outstanding. Diluted earnings per common share are computed assuming that all potentially dilutive securities, including “in-the-money” stock options, were converted into common shares. A reconciliation of the amounts included in the computation of earnings (loss) per common share, and diluted earnings (loss) per common share is as follows:

 

     Three Months Ended
June  30,		      Six Months Ended
June 30,		  

In millions, except per share amounts

    2012      2011      2012      2011  

Earnings (loss) from continuing operations

    $ 118       $ 219       $ 301       $ 524   

Effect of dilutive securities (a)

      0         0         0         0   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings (loss) from continuing operations – assuming dilution

    $ 118       $ 219       $ 301       $ 524   
  

 

 

     

 

 

     

 

 

     

 

 

  

Average common shares outstanding

      434.8         428.6         434.5         429.4   

Effect of dilutive securities (a)

            

Restricted stock performance share plan

      3.4         1.9         4.8         4.0   

Stock options (b)

      0         0         0         0   
  

 

 

     

 

 

     

 

 

     

 

 

  

Average common shares outstanding – assuming dilution

      438.2         430.5         439.3         433.4   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings (loss) from continuing operations per common share

    $ 0.27       $ 0.51       $ 0.69       $ 1.22   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings (loss) from continuing operations per common share

    $ 0.27       $ 0.51       $ 0.68       $ 1.21   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) Securities are not included in the table in periods when antidilutive.
(b) Options to purchase 12.1 million shares and 17.0 million shares for the three months ended June 30, 2012 and 2011, respectively, and options to purchase 12.1 million shares and 17.0 million shares for the six months ended June 30, 2012 and 2011, 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 period.