EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE Year ended December 31, - ---------------------------------------------------------------------------- 1996 1995 1994 - ---------------------------------------------------------------------------- (Dollars, except per share amounts,and shares expressed in thousands) Net income $ 129,077 114,776 100,238 Dividends applicable to preferred stock (113) (115) (93) - ---------------------------------------------------------------------------- Net income applicable to common stock 128,964 114,661 100,145 Dividends applicable to preferred stock 113 115 93 Interest on convertible securities, net of taxes 579 714 4,595 - ---------------------------------------------------------------------------- Net income as adjusted for purposes of computing fully diluted earnings per share $ 129,656 115,490 104,833 ============================================================================ Weighted average number of shares: Outstanding during period 59,621 58,000 53,139 Common stock equivalent shares 635 509 580 Employee Stock Ownership Plan shares not committed to be released (332) (373) (300) - ---------------------------------------------------------------------------- Number of shares for computing primary earnings per share 59,924 58,136 53,419 Incremental common shares attributable to additional dilutive effect of convertible securities 736 971 4,716 - ---------------------------------------------------------------------------- Number of shares as adjusted for purposes of computing fully diluted earnings per share 60,660 59,107 58,135 ============================================================================ Earnings per average common share $ 2.16 1.98 1.88 ============================================================================ Primary earnings per share $ 2.15 1.97 1.88 ============================================================================ Fully diluted earnings per share $ 2.14 1.95 1.80 ============================================================================