Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(In millions, except per share amounts)
For the Years Ended December 31,
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2003 2002 2001
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Net earnings (loss) $ 302 $ (880) $(1,204)
Effect of dilutive securities -- -- --
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Net earnings (loss) - assuming dilution $ 302 $ (880) $(1,204)
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Average common shares outstanding 479.6 481.4 482.6
Effect of dilutive securities
Long-term incentive plan deferred compensation -- -- (1.0)
Stock options 1.5 1.6 --
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Average common shares outstanding - assuming dilution 481.1 483.0 481.6
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Net earnings (loss) per common share $ 0.63 $(1.83) $ (2.50)
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Net earnings (loss) per common share - assuming dilution $ 0.63 $(1.83) $ (2.50)
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Note: If an amount does not appear in the above table, the security was
antidilutive for the period presented. Antidilutive securities include preferred
securities of a subsidiary trust for 2002 and 2001. Stock options are
antidilutive in periods when net losses are recorded.