EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months ended march 31, - --------------------------------------------------------------------------- 1997 1996 - --------------------------------------------------------------------------- (Dollars, except per share amounts, and shares in thousands) Net income $ 33,135 29,665 Dividends applicable to preferred stock (28) (28) - --------------------------------------------------------------------------- Net income applicable to common stock 33,107 29,637 Dividends applicable to preferred stock 28 28 Interest on convertible securities, net of taxes 120 145 - --------------------------------------------------------------------------- Net income as adjusted for purposes of computing fully diluted earnings per share $ 33,255 29,810 =========================================================================== Weighted average number of shares: Outstanding during period 59,993 59,273 Common stock equivalent shares 586 556 Employee Stock Ownership Plan shares not committed to be released (309) (351) - --------------------------------------------------------------------------- Number of shares for computing primary earnings per share 60,270 59,478 Incremental common shares attributable to additional dilutive effect of convertible securities 610 726 - --------------------------------------------------------------------------- Number of shares as adjusted for purposes of computing fully diluted earnings per share 60,880 60,204 =========================================================================== Earnings per average common share $ .55 .50 =========================================================================== Primary earnings per share $ .55 .50 =========================================================================== Fully diluted earnings per share $ .55 .50 ===========================================================================