EXHIBIT 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(In Millions, Except Per Share Amounts)
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For the Years Ended December 31 |
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2004 |
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2003 |
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2002 |
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Earnings from continuing operations before accounting changes |
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$ |
478 |
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$ |
294 |
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$ |
260 |
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Discontinued operations |
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(513 |
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21 |
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35 |
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Cumulative effect of accounting changes |
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— |
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(13 |
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(1,175 |
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Net earnings (loss) |
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(35 |
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302 |
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(880 |
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Effect of dilutive securities |
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— |
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— |
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— |
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Earnings from continuing operations before the cumulative effect of accounting changes - assuming dilution |
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$ |
(35 |
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$ |
302 |
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$ |
(880 |
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Average common shares outstanding |
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485.8 |
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479.6 |
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481.4 |
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Effect
of dilutive securities |
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2.6 |
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1.5 |
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1.6 |
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Average common shares outstanding - assuming dilution |
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488.4 |
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481.1 |
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483.0 |
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Earnings per common share from continuing operations before accounting changes |
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$ |
0.98 |
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$ |
0.62 |
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$ |
0.54 |
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Discontinued operations |
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(1.05 |
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0.04 |
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0.07 |
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Cumulative effect of accounting changes |
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— |
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(0.03 |
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(2.44 |
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Net earnings (loss) per share |
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$ |
(0.07 |
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$ |
0.63 |
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$ |
(1.83 |
) |
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Earnings per common share from continuing operations before accounting changes - assuming dilution |
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$ |
0.98 |
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$ |
0.61 |
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$ |
0.54 |
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Discontinued operations |
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(1.05 |
) |
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0.04 |
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0.07 |
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Cumulative effect of accounting changes |
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— |
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(0.03 |
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(2.43 |
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Net earnings (loss) per common share - assuming dilution |
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$ |
(0.07 |
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$ |
0.63 |
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$ |
(1.82 |
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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.