Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In millions, except per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Earnings (loss) from continuing operations | $ | 116 | $ | 91 | $ | (1,063 | ) | $ | 198 | |||||||
Discontinued operations | (1 | ) | (14 | ) | (59 | ) | (44 | ) | ||||||||
Net earnings (loss) | 115 | 77 | (1,122 | ) | 154 | |||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Net earnings (loss) - assuming dilution | $ | 115 | $ | 77 | $ | (1,122 | ) | $ | 154 | |||||||
Average common shares outstanding | 486.9 | 485.9 | 486.6 | 486.0 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||
Profit sharing plan | — | 1.2 | — | 1.2 | ||||||||||||
Stock options | 0.3 | 0.3 | — | 0.8 | ||||||||||||
Average common shares outstanding - assuming dilution | 487.2 | 487.4 | 486.6 | 488.0 | ||||||||||||
Earnings (loss) per common share from continuing operations | $ | 0.24 | $ | 0.19 | $ | (2.19 | ) | $ | 0.41 | |||||||
Discontinued operations | — | (0.03 | ) | (0.12 | ) | (0.09 | ) | |||||||||
Net earnings (loss) per common share | $ | 0.24 | $ | 0.16 | $ | (2.31 | ) | $ | 0.32 | |||||||
Earnings (loss) per common share from continuing operations - assuming dilution | $ | 0.24 | $ | 0.19 | $ | (2.19 | ) | $ | 0.41 | |||||||
Discontinued operations | — | (0.03 | ) | (0.12 | ) | (0.09 | ) | |||||||||
Net earnings (loss) per common share - assuming dilution | $ | 0.24 | $ | 0.16 | $ | (2.31 | ) | $ | 0.32 | |||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.