Exhibit 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months Nine months
ended September 30, ended September 30,
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2005 2004 2005 2004
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(Dollars, except per share amounts,
and shares in thousands)
Income (Numerator):
Net income $ 91,411 86,192 256,145 252,755
Dividends applicable to preferred stock (99) (100) (298) (299)
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Net income applicable to common stock 91,312 86,092 255,847 252,456
Interest on convertible debentures, net of tax 1,207 1,208 3,621 3,621
Dividends applicable to preferred stock 99 100 298 299
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Net income as adjusted for purposes of
computing diluted earnings per share $ 92,618 87,400 259,766 256,376
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 130,433 134,885 131,054 138,525
Nonvested restricted stock (283) - (177) -
Employee Stock Ownership Plan shares
not committed to be released - - - (13)
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Number of shares for computing basic
earnings per share 130,150 134,885 130,877 138,512
Incremental common shares attributable to
dilutive securities:
Shares issuable under convertible securities 4,509 4,514 4,512 4,514
Shares issuable upon settlement of
accelerated share repurchase agreements 825 - 344 -
Shares issuable under incentive
compensation plans 432 417 410 377
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Number of shares as adjusted for purposes
of computing diluted earnings per share 135,916 139,816 136,143 143,403
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Basic earnings per share $ .70 .64 1.95 1.82
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Diluted earnings per share $ .68 .63 1.91 1.79
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