Exhibit 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months
ended March 31,
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2004 2003
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(Dollars, except per
share amounts,and
shares in thousands)
Income (Numerator):
Net income $ 83,279 83,919
Dividends applicable to preferred stock (100) (100)
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Net income applicable to common stock 83,179 83,819
Dividends applicable to preferred stock 100 100
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Net income as adjusted for purposes of
computing diluted earnings per share $ 83,279 83,919
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 142,624 143,034
Employee Stock Ownership Plan shares not
committed to be released (39) (133)
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Number of shares for computing basic
earnings per share 142,585 142,901
Incremental common shares attributable
to dilutive securities:
Shares issuable under convertible securities 435 435
Shares issuable under stock option plan 327 461
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Number of shares as adjusted for purposes of
computing diluted earnings per share 143,347 143,797
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Basic earnings per share $ .58 .59
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Diluted earnings per share $ .58 .58
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