EXHIBIT 11 CENTURY TELEPHONE ENTERPRISES, INC. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) Three months Nine months ended September 30, ended September 30, - ------------------------------------------------------------------------------- 1998 1997 1998 1997 - ------------------------------------------------------------------------------- (Dollars, except per share amounts, and shares expressed in thousands) Income (Numerator): Net income $ 54,678 41,433 176,563 157,744 Dividends applicable to preferred stock (102) (102) (306) (357) - ------------------------------------------------------------------------------- Net income applicable to common stock 54,576 41,331 176,257 157,387 Dividends applicable to preferred stock 102 102 306 357 Interest on convertible securities, net of taxes 93 120 279 360 - ------------------------------------------------------------------------------- Net income as adjusted for purposes of computing diluted earnings per share $ 54,771 41,553 176,842 158,104 =============================================================================== Shares (Denominator)*: Weighted average number of shares: Outstanding during period 91,841 90,566 91,620 90,247 Employee Stock Ownership Plan shares not committed to be released (370) (432) (382) (445) - ------------------------------------------------------------------------------- Number of shares for computing basic earnings per share 91,471 90,134 91,238 89,802 Incremental common shares attributable to additional dilutive effect of convertible securities 2,077 1,576 2,034 1,523 - ------------------------------------------------------------------------------- Number of shares as adjusted for purposes of computing diluted earnings per share 93,548 91,710 93,272 91,325 =============================================================================== Basic earnings per share * $ .60 .46 1.93 1.75 =============================================================================== Diluted earnings per share * $ .59 .45 1.90 1.73 =============================================================================== * Reflects March 1998 stock split. See Note 5.