Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
In millions, except per share amounts | 2005 | 2004 | 2003 | ||||||||
Earnings from continuing operations before accounting changes | $ | 859 | $ | 456 | $ | 258 | |||||
Discontinued operations | 241 | (491 | ) | 57 | |||||||
Cumulative effect of accounting changes | – | – | (13 | ) | |||||||
Net earnings (loss) | 1,100 | (35 | ) | 302 | |||||||
Effect of dilutive securities | 27 | – | – | ||||||||
Net earnings (loss) – assuming dilution | $ | 1,127 | $ | (35 | ) | $ | 302 | ||||
Average common shares outstanding | 486.0 | 485.8 | 479.6 | ||||||||
Effect of dilutive securities | |||||||||||
Restricted shares | 0.8 | – | – | ||||||||
Stock options | 2.9 | 2.6 | 1.5 | ||||||||
Contingently convertible debt | 20.0 | – | – | ||||||||
Average common shares outstanding – assuming dilution | 509.7 | 488.4 | 481.1 | ||||||||
Earnings (loss) per common share from: | |||||||||||
Continuing operations before accounting changes | $ | 1.77 | $ | 0.94 | $ | 0.54 | |||||
Discontinued operations | 0.49 | (1.01 | ) | 0.12 | |||||||
Cumulative effect of accounting changes | – | – | (0.03 | ) | |||||||
Net earnings (loss) per share | $ | 2.26 | $ | (0.07 | ) | $ | 0.63 | ||||
Earnings per common share from: | |||||||||||
Continuing operations before accounting changes – assuming dilution | $ | 1.74 | $ | 0.93 | $ | 0.53 | |||||
Discontinued operations | 0.47 | (1.00 | ) | 0.13 | |||||||
Cumulative effect of accounting changes | – | – | (0.03 | ) | |||||||
Net earnings (loss) per common share – assuming dilution | $ | 2.21 | $ | (0.07 | ) | $ | 0.63 | ||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.