Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (1)
(Unaudited)
(In millions, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2009 | 2008 | 2009 | 2008 | ||||||||||
Earnings from continuing operations | $ | 371 | $ | 149 | $ | 764 | $ | 527 | |||||
Discontinued operations | — | — | — | (18 | ) | ||||||||
Net earnings | 371 | 149 | 764 | 509 | |||||||||
Effect of dilutive securities | — | — | — | — | |||||||||
Net earnings – assuming dilution | $ | 371 | $ | 149 | $ | 764 | $ | 509 | |||||
Average common shares outstanding | 426.1 | 421.2 | 424.8 | 421.0 | |||||||||
Effect of dilutive securities | |||||||||||||
Restricted stock performance share plan | 2.6 | 2.2 | 1.8 | 3.2 | |||||||||
Stock options | — | — | — | — | |||||||||
Average common shares outstanding | 428.7 | 423.4 | 426.6 | 424.2 | |||||||||
Earnings per common share from continuing | $ | 0.87 | $ | 0.35 | $ | 1.80 | $ | 1.25 | |||||
Discontinued operations | — | — | — | (0.04 | ) | ||||||||
Net earnings per common share | $ | 0.87 | $ | 0.35 | $ | 1.80 | $ | 1.21 | |||||
Earnings per common share from continuing | $ | 0.87 | $ | 0.35 | $ | 1.79 | $ | 1.24 | |||||
Discontinued operations | — | — | — | (0.04 | ) | ||||||||
Net earnings per common share – assuming dilution | $ | 0.87 | $ | 0.35 | $ | 1.79 | $ | 1.20 | |||||
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. |