EX-11 5 ip-20151231exhibit11earnin.htm EXHIBIT 11 - STATEMENT OF COMPUTATION OF PER SHARE EARNINGS Exhibit


Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (c)
(Unaudited)
(In millions, except per share amounts)



In millions, except per share amounts
2015

 
2014

 
2013

 
Earnings (loss) from continuing operations
$
938

 
$
568

 
$
1,704

 
Discontinued operations
—

 
(13
)
 
(309
)
 
Net earnings (loss)
938

 
555

 
1,395

 
Effect of dilutive securities (a)
—

 
—

 
—

 
Net earnings - assuming dilution
$
938

 
$
555

 
$
1,395

 
Average common shares outstanding
417.4

 
427.7

 
443.3

 
Effect of dilutive securities (a)
 
 
 
 
 
 
Restricted stock performance share plan
3.2

 
4.2

 
4.5

 
Stock options (b)
—

 
0.1

 
0.3

 
Average common shares outstanding - assuming dilution
420.6

 
432.0

 
448.1

 
Earnings (loss) per common share from continuing operations
$
2.25

 
$
1.33

 
$
3.85

 
Discontinued operations
—

 
(0.03
)
 
(0.70
)
 
Net earnings (loss) per common share
$
2.25

 
$
1.30

 
$
3.15

 
Earnings (loss) per common share from continuing operations - assuming dilution
$
2.23

 
$
1.31

 
$
3.80

 
Discontinued operations
—

 
(0.02
)
 
(0.69
)
 
Net earnings (loss) per common share - assuming dilution
$
2.23

 
$
1.29

 
$
3.11

 

(a) Securities are not included in the table in periods when antidilutive.
(b) Options to purchase shares were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the Company's common stock for each respective reporting date.
(c) Attributable to International Paper Company common shareholders.