EXHIBIT 12

INTERNATIONAL PAPER COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(Dollar amounts in millions)

(Unaudited)

TITLE	2006			2007			2008			2009			2010
A)     Earnings (loss) from continuing operations before income taxes and equity earnings	$	3,188.0		$	1,654.0		$	(1,153.0	)(1)	$	1,199.0	(1)	$	822.0	(1)
B)     Noncontrolling interests, net of taxes		(17.0	)		(24.0	)		(3.0	)		(18.0	)		(21.0	)
C)     Fixed charges excluding capitalized interest		724.5			552.8			648.2			780.6			718.8
D)     Amortization of previously capitalized interest		34.8			27.2			30.0			31.3			30.4
E)     Equity in undistributed earnings of affiliates		(5.8	)		(10.7	)		0	(1)		0	(1)		0	(1)
F)     Distributed income of equity investees		0			0			73.0			51.0			33.0
G)    Earnings (loss) from continuing operations before income taxes and fixed charges	$	3,924.5		$	2,199.3		$	(404.8	)	$	2,043.9		$	1,583.2
Fixed Charges
H)     Interest and amortization of debt expense	$	651.4		$	487.0		$	572.5		$	702.3		$	643.4
I)       Interest factor attributable to rentals		60.2			55.4			65.8			72.0			69.9
J)     Preferred dividends of subsidiaries		12.9			10.4			9.9			6.3			5.5
K)     Capitalized interest		20.7			29.9			27.5			12.1			14.0
L)     Total fixed charges	$	745.2		$	582.7		$	675.7		$	792.7		$	732.8
M)   Ratio of earnings to fixed charges		5.27			3.77						2.58			2.16
N)    Deficiency in earnings necessary to cover fixed charges							$	(1,080.5	)

(1) Beginning in 2008, earnings from continuing operations are reported before equity earnings. Therefore, equity earnings will no longer be adjusted out of the total in line E.

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.