Lumen (LUMN) 10-Q 2007 Q4 Quarterly report

Exhibit 11

CenturyTel, Inc.

COMPUTATIONS OF EARNINGS PER SHARE

(UNAUDITED)

	Three months						Nine months
	ended September 30,						ended September 30,
	2007			2006			2007			2006
	(Dollars, except per share amounts, and shares in thousands)
Income (Numerator):
Net income	$	113,202			76,324			303,337			297,794
Dividends applicable to preferred stock		(93	)		(93	)		(279	)		(287	)
Net income applicable to common stock		113,109			76,231			303,058			297,507
Interest on convertible debentures, net of tax		418			1,207			2,832			3,621
Dividends applicable to preferred stock		93			93			279			287
Net income as adjusted for purposes of computing diluted earnings per share	$	113,620			77,531			306,169			301,415
Shares (Denominator):
Weighted average number of shares:
Outstanding during period		109,861			115,952			110,291			118,366
Nonvested restricted stock		(865	)		(731	)		(813	)		(681	)
Number of shares for computing basic earnings per share		108,996			115,221			109,478			117,685
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		2,443			4,486			3,804			4,497
Shares issuable upon settlement of accelerated share repurchase agreements		-			-			-			486
Shares issuable under incentive compensation and employee benefit plans		790			741			804			680
Number of shares as adjusted for purposes of computing diluted earnings per share		112,229			120,448			114,086			123,348
Basic earnings per share	$	1.04			.66			2.77			2.53
Diluted earnings per share	$	1.01			.64			2.68			2.44