EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months Six months ended June 30 ended June 30 - ------------------------------------------------------------------------------ 1997 1996 1997 1996 - ------------------------------------------------------------------------------ (Dollars, except per share amounts, and shares expressed in thousands) Net income $ 83,176 32,941 116,311 62,606 Dividends applicable to preferred stock (27) (129) (55) (157) - ------------------------------------------------------------------------------ Net income applicable to common stock 83,149 32,812 116,256 62,449 Dividends applicable to preferred stock 27 129 55 157 Interest on convertible securities, net of taxes 120 145 240 290 - ------------------------------------------------------------------------------ Net income as adjusted for purposes of computing fully diluted earnings per share $ 83,296 33,086 116,551 62,896 ============================================================================== Weighted average number of shares: Outstanding during period 60,105 59,624 60,051 59,458 Common stock equivalent shares 559 679 571 607 Employee Stock Ownership Plan shares not committed to be released (292) (334) (301) (342) - ------------------------------------------------------------------------------ Number of shares for computing primary earnings per share 60,372 59,969 60,321 59,723 Incremental common shares attributable to additional dilutive effect of convertible securities 727 726 668 726 - ------------------------------------------------------------------------------ Number of shares as adjusted for purposes of computing fully diluted earnings per share 61,099 60,695 60,989 60,449 ============================================================================== Earnings per average common share $ 1.38 .55 1.94 1.05 ============================================================================== Primary earnings per share $ 1.38 .55 1.93 1.05 ============================================================================== Fully diluted earnings per share $ 1.36 .55 1.91 1.04 ==============================================================================