EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months Nine months ended September 30 ended September 30 - ----------------------------------------------------------------------------- 1997 1996 1997 1996 - ----------------------------------------------------------------------------- (Dollars, except per share amounts, and shares in thousands) Net income $ 41,433 36,350 157,744 98,956 Dividends applicable to preferred stock (4) (128) (59) (285) - --------------------------------------------------------------------------- Net income applicable to common stock 41,429 36,222 157,685 98,671 Dividends applicable to preferred stock 4 128 59 285 Interest on convertible securities, net of taxes 120 145 360 435 - --------------------------------------------------------------------------- Net income as adjusted for purposes of computing fully diluted earnings per share $ 41,553 36,495 158,104 99,391 =========================================================================== Weighted average number of shares: Outstanding during period 60,377 59,744 60,164 59,552 Common stock equivalent shares 798 697 642 639 Employee Stock Ownership Plan shares not committed to be released (288) (330) (296) (338) - --------------------------------------------------------------------------- Number of shares for computing primary earnings per share 60,887 60,111 60,510 59,853 Incremental common shares attributable to additional dilutive effect of convertible securities 728 770 688 740 - --------------------------------------------------------------------------- Number of shares as adjusted for purposes of computing fully diluted earnings per share 61,615 60,881 61,198 60,593 =========================================================================== Earnings per average common share $ .69 .61 2.62 1.66 =========================================================================== Primary earnings per share $ .68 .60 2.61 1.65 =========================================================================== Fully diluted earnings per share $ .67 .60 2.58 1.64 ===========================================================================