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, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Earnings from continuing operations | $ | 228 | $ | 200 | $ | 378 | $ | 657 | ||||||||
Discontinued operations | (1 | ) | (10 | ) | (18 | ) | (33 | ) | ||||||||
Net earnings | 227 | 190 | 360 | 624 | ||||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Net earnings – assuming dilution | $ | 227 | $ | 190 | $ | 360 | $ | 624 | ||||||||
Average common shares outstanding | 421.1 | 428.0 | 420.9 | 436.6 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||
Restricted stock performance share plan | 1.5 | 2.4 | 3.0 | 3.2 | ||||||||||||
Stock options | — | 0.8 | — | 0.6 | ||||||||||||
Average common shares outstanding – assuming dilution | 422.6 | 431.2 | 423.9 | 440.4 | ||||||||||||
Earnings per common share from continuing operations | $ | 0.54 | $ | 0.46 | $ | 0.90 | $ | 1.50 | ||||||||
Discontinued operations | — | (0.02 | ) | (0.04 | ) | (0.07 | ) | |||||||||
Net earnings per common share | $ | 0.54 | $ | 0.44 | $ | 0.86 | $ | 1.43 | ||||||||
Earnings per common share from continuing operations – assuming dilution | $ | 0.54 | $ | 0.46 | $ | 0.89 | $ | 1.49 | ||||||||
Discontinued operations | — | (0.02 | ) | (0.04 | ) | (0.07 | ) | |||||||||
Net earnings per common share – assuming dilution | $ | 0.54 | $ | 0.44 | $ | 0.85 | $ | 1.42 | ||||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the periods presented.