EXHIBIT 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months Nine months
ended September 30, ended September 30,
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2002 2001 2002 2001
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(Dollars, except per share amounts,
and shares in thousands)
Income (Numerator):
Income from continuing operations $ 63,619 59,570 146,684 107,489
Discontinued operations, net of tax 544,130 32,735 610,595 185,779
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Net income 607,749 92,305 757,279 293,268
Dividends applicable to preferred stock (100) (100) (299) (299)
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Net income applicable to common stock 607,649 92,205 756,980 292,969
Dividends applicable to preferred stock 100 100 299 299
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Net income as adjusted for purposes of computing
diluted earnings per share $ 607,749 92,305 757,279 293,268
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Net income applicable to common stock, as adjusted
for goodwill amortization $ 607,649 106,195 756,980 335,177
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Net income as adjusted for purposes of computing
diluted earnings per share, as adjusted * $ 607,749 106,295 757,279 335,476
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 141,872 141,046 141,522 140,985
Employee Stock Ownership Plan shares not
committed to be released (180) (274) (198) (292)
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Number of shares for computing basic earnings per share 141,692 140,772 141,324 140,693
Incremental common shares attributable to dilutive securities:
Conversion of convertible securities 435 435 435 435
Shares issuable under stock option plan 643 1,053 951 1,139
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Number of shares as adjusted for purposes of computing
diluted earnings per share 142,770 142,260 142,710 142,267
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EXHIBIT 11
(Continued)
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
(Continued)
Three months Nine months
ended September 30, ended September 30,
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2002 2001 2002 2001
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Basic earnings per share
From continuing operations $ .45 .42 1.04 .76
From continuing operations, as adjusted* $ .45 .50 1.04 1.01
From discontinued operations $ 3.84 .23 4.32 1.32
From discontinued operations, as adjusted* $ 3.84 .25 4.32 1.37
Basic earnings per share $ 4.29 .65 5.36 2.08
Basic earnings per share, as adjusted* $ 4.29 .75 5.36 2.38
Diluted earnings per share
From continuing operations $ .45 .42 1.03 .76
From continuing operations, as adjusted* $ .45 .50 1.03 1.00
From discontinued operations $ 3.81 .23 4.28 1.31
From discontinued operations, as adjusted* $ 3.81 .25 4.28 1.36
Diluted earnings per share $ 4.26 .65 5.31 2.06
Diluted earnings per share, as adjusted* $ 4.26 .75 5.31 2.36
* As adjusted to reflect the after-tax effect of eliminating goodwill
amortization in accordance with SFAS 142.