EXHIBIT 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months Six months
ended June 30, ended June 30,
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2003 2002 2003 2002
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(Dollars, except per share amounts,
and shares in thousands)
Income (Numerator):
Income from continuing operations $ 87,367 41,482 171,286 84,599
Discontinued operations, net of tax - 37,281 - 64,931
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Net income 87,367 78,763 171,286 149,530
Dividends applicable to preferred stock (99) (100) (199) (199)
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Net income applicable to common stock 87,268 78,663 171,087 149,331
Dividends applicable to preferred stock 99 100 199 199
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Net income as adjusted for purposes of computing
diluted earnings per share $ 87,367 78,763 171,286 149,530
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 143,423 141,431 143,222 141,343
Employee Stock Ownership Plan shares not
committed to be released (94) (188) (113) (207)
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Number of shares for computing basic earnings per share 143,329 141,243 143,109 141,136
Incremental common shares attributable to
dilutive securities:
Conversion of convertible securities 435 435 435 435
Shares issuable under stock option plan 711 1,027 592 1,108
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Number of shares as adjusted for purposes of computing
diluted earnings per share 144,475 142,705 144,136 142,679
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Basic earnings per share
From continuing operations $ .61 .29 1.20 .60
From discontinued operations $ - .26 - .46
Basic earnings per share $ .61 .56 1.20 1.06
Diluted earnings per share
From continuing operations $ .60 .29 1.19 .59
From discontinued operations $ - .26 - .46
Diluted earnings per share $ .60 .55 1.19 1.05