EXHIBIT 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months
ended March 31,
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2002 2001
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(Dollars, except per share amounts,
and shares in thousands)
Income (Numerator):
Income from continuing operations $ 42,857 26,851
Discontinued operations, net of tax 27,910 19,871
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Net income 70,767 46,722
Dividends applicable to preferred stock (100) (100)
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Net income applicable to common stock 70,667 46,622
Dividends applicable to preferred stock 100 100
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Net income as adjusted for purposes of computing
diluted earnings per share $ 70,767 46,722
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Net income applicable to common stock, as adjusted
for goodwill amortization $ 70,667 60,705
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Net income as adjusted for purposes of computing diluted
earnings per share, as adjusted for goodwill amortization $ 70,767 60,805
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 141,277 140,892
Employee Stock Ownership Plan shares not
committed to be released (226) (320)
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Number of shares for computing basic earnings per share 141,051 140,572
Incremental common shares attributable to dilutive securities:
Conversion of convertible securities 435 435
Shares issuable under stock option plan 1,168 1,475
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Number of shares as adjusted for purposes of computing
diluted earnings per share 142,654 142,482
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Basic earnings per share
From continuing operations $ .30 .19
Discontinued operations $ .20 .14
Basic earnings per share $ .50 .33
Basic earnings per share, as adjusted for goodwill amortization $ .50 .43
Diluted earnings per share
From continuing operations $ .30 .19
Discontinued operations $ .20 .14
Diluted earnings per share $ .50 .33
Diluted earnings per share, as adjusted for goodwill amortization $ .50 .43