Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (1)
(Unaudited)
(In millions, except per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||
Earnings from continuing operations | $ | 136 | $ | 228 | $ | 393 | $ | 378 | ||||||
Discontinued operations | — | (1 | ) | — | (18 | ) | ||||||||
Net earnings | 136 | 227 | 393 | 360 | ||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||
Net earnings – assuming dilution | $ | 136 | $ | 227 | $ | 393 | $ | 360 | ||||||
Average common shares outstanding | 425.3 | 421.1 | 424.2 | 420.9 | ||||||||||
Effect of dilutive securities | ||||||||||||||
Restricted stock performance share plan | 0.1 | 1.5 | — | 3.0 | ||||||||||
Stock options | — | — | — | — | ||||||||||
Average common shares outstanding | 425.4 | 422.6 | 424.2 | 423.9 | ||||||||||
Earnings per common share from continuing | $ | 0.32 | $ | 0.54 | $ | 0.93 | $ | 0.90 | ||||||
Discontinued operations | — | — | — | (0.04 | ) | |||||||||
Net earnings per common share | $ | 0.32 | $ | 0.54 | $ | 0.93 | $ | 0.86 | ||||||
Earnings per common share from continuing | $ | 0.32 | $ | 0.54 | $ | 0.93 | $ | 0.89 | ||||||
Discontinued operations | — | — | — | (0.04 | ) | |||||||||
Net earnings per common share – assuming dilution | $ | 0.32 | $ | 0.54 | $ | 0.93 | $ | 0.85 | ||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the periods presented.
(1) | Attributable to International Paper Company common shareholders. |