Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2004 | 2003 | 2004 | 2003 | |||||||||||||
Earnings from continuing operations | $ | 208 | $ | 113 | $ | 321 | $ | 259 | ||||||||
Discontinued operations | (678 | ) | 9 | (525 | ) | 5 | ||||||||||
Cumulative effect of accounting change | — | — | — | (10 | ) | |||||||||||
Net earnings (loss) | (470 | ) | 122 | (204 | ) | 254 | ||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Net earnings (loss)—assuming dilution | $ | (470 | ) | $ | 122 | $ | (204 | ) | $ | 254 | ||||||
Average common shares outstanding | 486.4 | 479.8 | 485.5 | 479.3 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||
Stock options | 2.6 | 2.0 | 2.7 | 1.4 | ||||||||||||
Average common shares outstanding—assuming dilution | 489.0 | 481.8 | 488.2 | 480.7 | ||||||||||||
Earnings per common share from continuing operations | $ | 0.43 | $ | 0.23 | $ | 0.66 | $ | 0.54 | ||||||||
Discontinued operations | (1.40 | ) | 0.02 | (1.08 | ) | 0.01 | ||||||||||
Cumulative effect of accounting change | — | — | — | (0.02 | ) | |||||||||||
Net earnings (loss) per common share | $ | (0.97 | ) | $ | 0.25 | $ | (0.42 | ) | $ | 0.53 | ||||||
Net earnings (loss) per common share—assuming dilution | $ | (0.97 | ) | $ | 0.25 | $ | (0.42 | ) | $ | 0.53 | ||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented. Antidilutive securities included preferred securities of a trust for the periods presented. Stock options are antidilutive in periods when net losses are recorded.
