EXHIBIT 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months Nine months
ended September 30, ended September 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 $ 90,979 64,589 262,265 149,188
Discontinued operations, net of tax - 543,160 - 608,091
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Net income 90,979 607,749 262,265 757,279
Dividends applicable to preferred stock (100) (100) (299) (299)
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Net income applicable to common stock 90,879 607,649 261,966 756,980
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 $ 90,979 607,749 262,265 757,279
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 143,983 141,872 143,474 141,522
Employee Stock Ownership Plan shares not
committed to be released (86) (180) (104) (198)
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Number of shares for computing basic earnings per share 143,897 141,692 143,370 141,324
Incremental common shares attributable to dilutive securities:
Conversion of convertible securities 435 435 435 435
Shares issuable under stock option plan 839 643 676 951
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Number of shares as adjusted for purposes of computing
diluted earnings per share 145,171 142,770 144,481 142,710
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Basic earnings per share
From continuing operations $ .63 .46 1.83 1.05
From discontinued operations $ - 3.83 - 4.30
Basic earnings per share $ .63 4.29 1.83 5.36
Diluted earnings per share
From continuing operations $ .63 .45 1.82 1.05
From discontinued operations $ - 3.80 - 4.26
Diluted earnings per share $ .63 4.26 1.82 5.31