EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months Six months ended June 30 ended June 30 ------------------ ------------------ 1996 1995 1996 1995 ------- ------- ------- ------- (Dollars, except per share amounts, and shares expressed in thousands) Net income $32,941 26,167 62,606 53,167 Dividends applicable to preferred stock (129) (28) (157) (57) ------- ------- ------- ------- Net income applicable to common stock 32,812 26,139 62,449 53,110 Dividends applicable to preferred stock 129 28 157 57 Interest on convertible securities, net of taxes 145 - 290 526 ------- ------- ------- ------- Net income as adjusted for purposes of computing fully diluted earnings per share $33,086 26,167 62,896 53,693 ======= ======= ======= ======= Weighted average number of shares: Outstanding during period 59,624 58,338 59,458 57,125 Common stock equivalent shares 679 490 607 577 Employee Stock Ownership Plan shares not committed to be released (334) (375) (342) (384) ------- ------- ------- ------- Number of shares for computing primary earnings per share 59,969 58,453 59,723 57,318 Incremental common shares attributable to additional dilutive effect of convertible securities 726 206 726 1,341 ------- ------- ------- ------- Number of shares as adjusted for purposes of computing fully diluted earnings per share 60,695 58,659 60,449 58,659 ======= ======= ======= ======= Earnings per average common share $ .55 .45 1.05 .93 ======= ======= ======= ======= Primary earnings per share $ .55 .45 1.05 .93 ======= ======= ======= ======= Fully diluted earnings per share $ .55 .45 1.04 .92 ======= ======= ======= =======