EXHIBIT 11

INTERNATIONAL PAPER COMPANY

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

In millions, except per share amounts	2006			2005		2004
Earnings from continuing operations	$	1,282		$	684	$	238
Discontinued operations		(232	)		416		(273	)
Net earnings (loss)		1,050			1,100		(35	)
Effect of dilutive securities		13			27		–
Net earnings (loss) - assuming dilution	$	1,063		$	1,127	$	(35	)
Average common shares outstanding		476.1			486.0		485.8
Effect of dilutive securities
Restricted performance share plan		3.0			0.8		–
Stock options		0.2			2.9		2.6
Contingently convertible debt		9.4			20.0		–
Average common shares outstanding - assuming dilution		488.7			509.7		488.4
Earnings per common share from continuing operations	$	2.69		$	1.41	$	0.49
Discontinued operations		(0.48	)		0.85		(0.56	)
Net earnings (loss) per common share	$	2.21		$	2.26	$	(0.07	)
Earnings per common share from continuing operations - assuming dilution	$	2.65		$	1.40	$	0.49
Discontinued operations		(0.47	)		0.81		(0.56	)
Net earnings (loss) per common share - assuming dilution	$	2.18		$	2.21	$	(0.07	)

Note: If an amount does not appear in the above table, the security was antidilutive for the period presented.