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, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Earnings (loss) from continuing operations | $ | 220 | $ | 385 | $ | 877 | $ | (765 | ) | |||||||
Discontinued operations | (3 | ) | (161 | ) | (36 | ) | (164 | ) | ||||||||
Net earnings (loss) | 217 | 224 | 841 | (929 | ) | |||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Net earnings (loss) - assuming dilution | $ | 217 | $ | 224 | $ | 841 | $ | (929 | ) | |||||||
Average common shares outstanding | 422.3 | 482.5 | 431.8 | 485.2 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||
Restricted stock performance share plan | 2.9 | 2.1 | 3.4 | — | ||||||||||||
Stock options | 0.4 | 0.3 | 0.5 | — | ||||||||||||
Average common shares outstanding - assuming dilution | 425.6 | 484.9 | 435.7 | 485.2 | ||||||||||||
Earnings (loss) per common share from continuing operations | $ | 0.52 | $ | 0.81 | $ | 2.03 | $ | (1.57 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.34 | ) | (0.08 | ) | (0.34 | ) | ||||||||
Net earnings (loss) per common share | $ | 0.51 | $ | 0.47 | $ | 1.95 | $ | (1.91 | ) | |||||||
Earnings (loss) per common share from continuing operations - assuming dilution | $ | 0.52 | $ | 0.80 | $ | 2.01 | $ | (1.57 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.34 | ) | (0.08 | ) | (0.34 | ) | ||||||||
Net earnings (loss) per common share - assuming dilution | $ | 0.51 | $ | 0.46 | $ | 1.93 | $ | (1.91 | ) | |||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.