Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended September 30, 1994 1993
---------------------------------------------------------------------------
Primary Earnings
Net Income $17,623 $11,887
Dividends on Preferred Shares (457) (594)
------- -------
Net Income Available to Common $17,166 $11,293
======= =======
Minority Income Adjustment (1) $ (103) $ -
======= =======
Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 53,601 48,018
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 170 270
Convertible Preferred Shares 469 -
Common Shares Issuable 42 -
------- -------
Primary Shares 54,282 48,288
======= =======
Primary Earnings per Common Share $ .31 $ .23
======= =======
Fully Diluted Earnings*
Net Income $17,623 $11,887
Dividends on Preferred Shares (394) (594)
------- -------
Net Income Available to Common $17,229 $11,293
======= =======
Minority Income Adjustment (1) $ (104) $ -
======= =======
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 53,601 48,018
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 182 274
Convertible Preferred Shares 739 -
Common Shares Issuable 42 -
------- -------
Fully Diluted Shares 54,564 48,292
======= =======
Fully Diluted Earnings per Common Share $ .31 $ .23
======= =======
* This calculation is submitted in accordance with Securities Act of
1934 Release No. 9083 although not required by footnote 2 to
paragraph 14 of APB Opinion No. 15 because it results in dilution of
less than 3%.
(1) The minority income adjustment, which is deducted from net income
before cumulative effect of accounting changes applicable to Common,
reflects the additional minority share of the subsidiary's income
computed as if all of the subsidiary's issuable securities were
outstanding.
Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Nine Months Ended September 30, 1994 1993
---------------------------------------------------------------------------
Primary Earnings
Net Income before cumulative effect
of accounting changes $42,167 $27,657
Dividends on Preferred Shares (1,733) (1,789)
------- -------
Net income before cumulative effect
of accounting changes applicable
to Common 40,434 25,868
Cumulative effect of accounting changes (723) -
------- -------
Net Income Available to Common $39,711 $25,868
======= =======
Minority Income Adjustment (1) $ (229) $ -
======= =======
Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 52,860 46,064
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 183 275
Convertible Preferred Shares 38 -
Common Shares Issuable 40 -
------- -------
Primary Shares 53,121 46,339
======= =======
Primary Earnings per Common Share
Net Income before cumulative effect
of accounting changes $ .75 $ .56
Cumulative effect of accounting changes (.01) -
------- -------
Net Income $ .74 $ .56
======= =======
(1) The minority income adjustment, which is deducted from net income
before cumulative effect of accounting changes applicable to Common,
reflects the additional minority share of the subsidiary's income
computed as if all of the subsidiary's issuable securities were
outstanding.
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Nine Months Ended September 30, 1994 1993
---------------------------------------------------------------------------
Fully Diluted Earnings*
Net Income before cumulative effect
of accounting changes $42,167 $27,657
Dividends on Preferred Shares (1,541) (1,789)
------- -------
Net income before cumulative effect
of accounting changes applicable
to Common 40,626 25,868
Cumulative effect of accounting changes (723) -
------- -------
Net Income Available to Common $39,903 $25,868
======= =======
Minority Income Adjustment (1) $ (230) $ -
======= =======
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 52,860 46,064
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 193 308
Convertible Preferred Shares 309 -
Common Shares Issuable 40 -
------- -------
Fully Diluted Shares 53,402 46,372
======= =======
Fully Diluted Earnings per Common Share
Net Income before cumulative effect
of accounting changes $ .75 $ .56
Cumulative effect of accounting changes (.01) -
------- -------
Net Income $ .74 $ .56
======= =======
* This calculation is submitted in accordance with Securities Act of
1934 Release No. 9083 although not required by footnote 2 to
paragraph 14 of APB Opinion No. 15 because it results in dilution of
less than 3%.
(1) The minority income adjustment, which is deducted from net income
before cumulative effect of accounting changes applicable to Common,
reflects the additional minority share of the subsidiary's income
computed as if all of the subsidiary's issuable securities were
outstanding.