Exhibit 12

INTERNATIONAL PAPER COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollar amounts in millions)

		For the Years Ended December 31,
TITLE		2013		2014		2015		2016		2017
(A)	Earnings (loss) from continuing operations before income taxes and equity earnings	$	1,092.0	$	734.0	$	1,132.0	$	795.0	$	848.0
(B)	Noncontrolling interests, net of taxes	17.0		19.0		21.0		2.0		—
(C)	Fixed charges excluding capitalized interest	701.1		691.0		695.9		744.5		810.2
(D)	Amortization of previously capitalized interest	20.4		19.3		16.0		14.7		15.2
(E)	Distributed income of equity investees	—		56.1		35.0		59.7		136.5
(F)	Earnings (loss) from continuing operations before income taxes and fixed charges	$	1,830.5	$	1,519.4	$	1,899.9	$	1,615.9	$	1,809.9
Fixed Charges
(G)	Interest and amortization of debt expense	$	648.3	$	643.1	$	643.5	$	694.5	$	757.9
(H)	Interest factor attributable to rentals	52.8		47.9		52.4		50.0		52.3
(I)	Preferred dividends of subsidiaries	1.1		—		—		—		—
(J)	Capitalized interest	17.0		23.0		24.8		28.2		24.8
(K)	Total fixed charges	$	719.2	$	714.0	$	720.7	$	772.7	$	835.0
(L)	Ratio of earnings to fixed charges	2.55		2.13		2.64		2.09		2.17

NOTE: Dividends on International Paper's preferred stock are insignificant. As a result, for all periods presented, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges.