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, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Earnings (loss) from continuing operations | $ | 392 | $ | 223 | $ | 919 | $ | 524 | |||||||
Discontinued operations | (10 | ) | 14 | 40 | 35 | ||||||||||
Net earnings (loss) | 382 | 237 | 959 | 559 | |||||||||||
Effect of dilutive securities | — | — | — | — | |||||||||||
Net earnings - assuming dilution | $ | 382 | $ | 237 | $ | 959 | $ | 559 | |||||||
Average common shares outstanding | 445.9 | 435.1 | 444.1 | 434.7 | |||||||||||
Effect of dilutive securities | |||||||||||||||
Restricted stock performance share plan | 3.6 | 4.7 | 4.3 | 5.0 | |||||||||||
Stock options | 0.2 | — | 0.3 | — | |||||||||||
Average common shares outstanding - assuming dilution | 449.7 | 439.8 | 448.7 | 439.7 | |||||||||||
Earnings (loss) per common share from continuing operations | $ | 0.88 | $ | 0.51 | $ | 2.07 | $ | 1.20 | |||||||
Discontinued operations | (0.02 | ) | 0.03 | 0.09 | 0.08 | ||||||||||
Net earnings (loss) per common share | $ | 0.86 | $ | 0.54 | $ | 2.16 | $ | 1.28 | |||||||
Earnings (loss) per common share from continuing operations - assuming dilution | $ | 0.87 | $ | 0.51 | $ | 2.05 | $ | 1.19 | |||||||
Discontinued operations | (0.02 | ) | 0.03 | 0.09 | 0.08 | ||||||||||
Net earnings (loss) per common share - assuming dilution | $ | 0.85 | $ | 0.54 | $ | 2.14 | $ | 1.27 |
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.