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- 10-K Annual report
- 10.21 Unfunded Supplemental Retirement Plan for Senior Managers
- 10.22 Restricted Stock and Deferred Compensation Plan for Non-employee Directors
- 10.31 Executive Employment Agreement
- 11 Statement of Computation of Per Share Earnings
- 12 Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
- 21 List of Subsidiaries of Registrant
- 23 Consent of Independent Registered Public Accounting Firm
- 31.1 Certification by John V. Faraci, Chairman and CEO, Pursuant to Section 302
- 31.2 Certification by Tim S. Nicholls, CFO, Pursuant to Section 302
- 32 Certification Pursuant to 18 U.s.c. Section 1350
Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
In millions, except per share amounts | 2007 | 2006 | 2005 | ||||||||
Earnings from continuing operations | $ | 1,215 | $ | 1,282 | $ | 684 | |||||
Discontinued operations | (47 | ) | (232 | ) | 416 | ||||||
Net earnings | 1,168 | 1,050 | 1,100 | ||||||||
Effect of dilutive securities | – | 13 | 27 | ||||||||
Net earnings - assuming dilution | $ | 1,168 | $ | 1,063 | $ | 1,127 | |||||
Average common shares outstanding | 428.9 | 476.1 | 486.0 | ||||||||
Effect of dilutive securities | |||||||||||
Restricted performance share plan | 3.7 | 3.0 | 0.8 | ||||||||
Stock options(a) | 0.4 | 0.2 | 2.9 | ||||||||
Contingently convertible debt | – | 9.4 | 20.0 | ||||||||
Average common shares outstanding - assuming dilution | 433.0 | 488.7 | 509.7 | ||||||||
Earnings per common share from continuing operations | $ | 2.83 | $ | 2.69 | $ | 1.41 | |||||
Discontinued operations | (0.11 | ) | (0.48 | ) | 0.85 | ||||||
Net earnings per common share | $ | 2.72 | $ | 2.21 | $ | 2.26 | |||||
Earnings per common share from continuing operations - assuming dilution | $ | 2.81 | $ | 2.65 | $ | 1.40 | |||||
Discontinued operations | (0.11 | ) | (0.47 | ) | 0.81 | ||||||
Net earnings per common share - assuming dilution | $ | 2.70 | $ | 2.18 | $ | 2.21 |
(a) | Options to purchase 17.5 million, 30.1 million and 30.5 million shares for the years ended December 31, 2007, 2006 and 2005, respectively, were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company’s common stock for each respective reporting date. |