EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months ended March 31 -------------- 1995 1994 ------ ------ (Dollars, except per share amounts, and shares expressed in thousands) Net income $27,000 19,201 Dividends applicable to preferred stock (29) (13) ------ ------ Net income applicable to common stock 26,971 19,188 Dividends applicable to preferred stock 29 13 Interest on 6% convertible debentures, net of taxes 526 1,146 ------ ------ Net income as adjusted for purposes of computing fully diluted earnings per share $27,526 20,347 ====== ====== Weighted average number of shares: Outstanding during period 55,922 52,296 Common stock equivalent shares 655 521 Employee Stock Ownership Plan shares not committed to be released (393) - ------ ------ Number of shares for computing primary earnings per share 56,184 52,817 Incremental common shares attributable to additional dilutive effect of convertible securities 2,476 4,661 ------ ------ Number of shares as adjusted for purposes of computing fully diluted earnings per share 58,660 57,478 ====== ====== Earnings per average common share $ .48 .37 ====== ====== Primary earnings per share $ .48 .36 ====== ====== Fully diluted earnings per share $ .47 .35 ====== ======