EX-11 10 ex11.htm EXHIBIT 11

EXHIBIT 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(In Millions, Except Per Share Amounts)

 

 

 

For the Years Ended December 31

 

 

 

 

 

 

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before accounting changes

 

$

478

 

$

294

 

$

260

 

Discontinued operations

 

 

(513

)

 

21

 

 

35

 

Cumulative effect of accounting changes

 

 

—

 

 

(13

)

 

(1,175

)

 

 

 

 

 

Net earnings (loss)

 

 

(35

)

 

302

 

 

(880

)

Effect of dilutive securities

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

Earnings from continuing operations before the cumulative effect of accounting changes - assuming dilution

 

$

(35

)

$

302

 

$

(880

)

 

 

 

 

 

Average common shares outstanding

 

 

485.8

 

 

479.6

 

 

481.4

 

Effect of dilutive securities
Stock options

 

 

2.6

 

 

1.5

 

 

1.6

 

 

 

 

 

 

Average common shares outstanding - assuming dilution

 

 

488.4

 

 

481.1

 

 

483.0

 

 

 

 

 

 

Earnings per common share from continuing operations before accounting changes

 

$

0.98

 

$

0.62

 

$

0.54

 

Discontinued operations

 

 

(1.05

)

 

0.04

 

 

0.07

 

Cumulative effect of accounting changes

 

 

—

 

 

(0.03

)

 

(2.44

)

 

 

 

 

 

Net earnings (loss) per share

 

$

(0.07

)

$

0.63

 

$

(1.83

)

 

 

 

 

 

Earnings per common share from continuing operations before accounting changes - assuming dilution

 

$

0.98

 

$

0.61

 

$

0.54

 

Discontinued operations

 

 

(1.05

)

 

0.04

 

 

0.07

 

Cumulative effect of accounting changes

 

 

—

 

 

(0.03

)

 

(2.43

)

 

 

 

 

 

Net earnings (loss) per common share - assuming dilution

 

$

(0.07

)

$

0.63

 

$

(1.82

)

 

 

 

 

 

Note: If an amount does not appear in the above table, the security was antidilutive for the period presented. Antidilutive securities included preferred securities of a subsidiary trust for 2002.