Lumen (LUMN) 10-Q 2008 Q3 Quarterly report

Exhibit 11

CenturyTel, Inc.

COMPUTATIONS OF EARNINGS PER SHARE

(UNAUDITED)

	Three months						Six months
	ended September 30,						ended September 30,
	2008			2007			2008			2007
	(Dollars, except per share amounts, and shares in thousands)
Income (Numerator):
Net income	$	84,733			113,202			265,660			303,337
Dividends applicable to preferred stock		(3	)		(93	)		(152	)		(279	)
Net income applicable to common stock for computing basic earnings per share		84,730			113,109			265,508			303,058
Interest on convertible debentures, net of tax		-			418			-			2,832
Dividends applicable to preferred stock		3			93			152			279
Net income as adjusted for purposes of computing diluted earnings per share	$	84,733			113,620			265,660			306,169
Shares (Denominator):
Weighted average number of shares:
Outstanding during period		101,692			109,861			104,565			110,291
Nonvested restricted stock		(1,290	)		(865	)		(1,169	)		(813	)
Weighted average number of shares outstanding during period for computing basic earnings per share		100,402			108,996			103,396			109,478
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		13			2,443			221			3,804
Shares issuable under incentive compensation plans		573			790			469			804
Number of shares as adjusted for purposes of computing diluted earnings per share		100,988			112,229			104,086			114,086
Basic earnings per share	$	.84			1.04			2.57			2.77
Diluted earnings per share	$	.84			1.01			2.55			2.68