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, | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
Earnings (loss) from continuing operations | $ | 113 | $ | 733 | $ | (960 | ) | $ | 919 | ||||
Discontinued operations | 88 | 290 | 39 | 258 | |||||||||
Net earnings (loss) | 201 | 1,023 | (921 | ) | 1,177 | ||||||||
Effect of dilutive securities | — | — | — | 20 | |||||||||
Net earnings (loss) - assuming dilution | $ | 201 | $ | 1,023 | $ | (921 | ) | $ | 1,197 | ||||
Average common shares outstanding | 482.5 | 486.0 | 485.2 | 486.0 | |||||||||
Effect of dilutive securities | |||||||||||||
Profit sharing plan | 2.1 | 1.0 | — | 1.2 | |||||||||
Stock options | 0.3 | 0.1 | — | 0.3 | |||||||||
Dilutive securities | — | 20.0 | — | 20.0 | |||||||||
Average common shares outstanding - assuming dilution | 484.9 | 507.1 | 485.2 | 507.5 | |||||||||
Earnings (loss) per common share from continuing operations | $ | 0.23 | $ | 1.51 | $ | (1.98 | ) | $ | 1.89 | ||||
Discontinued operations | 0.19 | 0.59 | 0.08 | 0.53 | |||||||||
Net earnings (loss) per common share | $ | 0.42 | $ | 2.10 | $ | (1.90 | ) | $ | 2.42 | ||||
Earnings (loss) per common share from continuing operations - assuming dilution | $ | 0.23 | $ | 1.46 | $ | (1.98 | ) | $ | 1.85 | ||||
Discontinued operations | 0.19 | 0.57 | 0.08 | 0.51 | |||||||||
Net earnings (loss) per common share - assuming dilution | $ | 0.42 | $ | 2.03 | $ | (1.90 | ) | $ | 2.36 | ||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.