(Exhibit 11)
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(In millions, except per share amounts)
Year to Date December 31
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2000 1999 1998
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Net earnings $142 $183 $247
Effect of dilutive securities
Preferred securities of subsidiary trust ---- ---- ----
Net earnings assuming dilution $142 $183 $247
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Average common shares outstanding 449.6 413.0 411.0
Effect of dilutive securities
Long-term incentive plan deferred compensation
Stock options 0.4 3.1 3.2
Preferred securities of subsidiary trust
Average common shares outstanding - ---- ---- ----
assuming dilution 450.0 416.1 414.2
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Earnings per common share $0.32 $0.44 $0.60
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Earnings per common share -
assuming dilution $0.32 $0.44 $0.60
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Note: if an amount does not appear in the above table, the security was
antidilutive for the period presented.