EXHIBIT 11
CENTURYTEL, INC.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
Three months
ended March 31,
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1999 1998
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(Dollars, except per share
amounts, and shares
in thousands)
Income (Numerator):
Net income $ 61,105 57,694
Dividends applicable to preferred stock (102) (102)
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Net income applicable to common stock 61,003 57,592
Dividends applicable to preferred stock 102 102
Interest on convertible securities, net of taxes 63 93
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Net income as adjusted for purposes of
computing diluted earnings per share $ 61,168 57,787
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Shares (Denominator)*:
Weighted average number of shares:
Outstanding during period 138,594 137,043
Employee Stock Ownership Plan shares not
committed to be released (508) (601)
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Number of shares for computing basic
earnings per share 138,086 136,442
Incremental common shares attributable to
dilutive securities:
Conversion of convertible securities 1,019 1,273
Shares issuable under stock option plan 1,923 1,661
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Number of shares as adjusted for purposes of
computing diluted earnings per share 141,028 139,376
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Basic earnings per share* $ .44 .42
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Diluted earnings per share* $ .43 .41
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* Reflects March 1999 stock split. See Note 4