Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended June 30, 1995 1994
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Primary Earnings
Net Income before cumulative effect
of accounting change $ 22,580 $ 14,320
Dividends on Preferred Shares (494) (510)
-------- --------
Net Income Available to Common $ 22,086 $ 13,810
======== ========
Primary Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,712 52,690
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 155 176
Convertible Preferred Shares 610 309
Common Shares Issuable 31 42
-------- --------
Primary Shares 58,508 53,217
======== ========
Primary Earnings per Common Share $ .38 $ .26
======== ========
Fully Diluted Earnings*
Net Income before cumulative effect
of accounting change $ 22,580 $ 14,320
Dividends on Preferred Shares (345) (446)
-------- --------
Net Income Available to Common $ 22,235 $ 13,874
======== ========
Fully Diluted Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,712 52,690
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 156 180
Convertible Preferred Shares 1,105 579
Common Shares Issuable 31 42
-------- --------
Fully Diluted Shares 59,004 53,491
======== ========
Fully Diluted Earnings per Common Share $ .38 $ .26
======== ========
* 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%.
Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Six Months Ended June 30, 1995 1994
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Primary Earnings
Net Income before cumulative effect
of accounting change $ 45,773 $ 24,544
Dividends on Preferred Shares (973) (1,137)
--------- ---------
Net income before cumulative effect
of accounting change applicable
to Common 44,800 23,407
Cumulative effect of accounting
change - (723)
--------- ---------
Net Income Available to Common $ 44,800 $ 22,684
========= =========
Primary Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,031 52,490
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 162 189
Convertible Preferred Shares 691 40
Common Shares Issuable 35 39
--------- ---------
Primary Shares 57,919 52,758
========= =========
Primary Earnings per Common Share
Net Income before cumulative effect
of accounting change $ .77 $ .44
Cumulative effect of accounting change - (.01)
--------- ---------
Net Income $ .77 $ .43
========= =========
Fully Diluted Earnings*
Net Income before cumulative effect
of accounting change $ 45,773 $ 24,544
Dividends on Preferred Shares (761) (1,094)
--------- ---------
Net income before cumulative effect
of accounting change applicable
to Common 45,012 23,450
Cumulative effect of accounting change - (723)
--------- ---------
Net Income Available to Common $ 45,012 $ 22,727
========= =========
Fully Diluted Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,031 52,490
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 154 184
Convertible Preferred Shares 1,016 140
Common Shares Issuable 35 39
--------- ---------
Fully Diluted Shares 58,236 52,853
========= =========
Fully Diluted Earnings per Common Share
Net Income before cumulative effect
of accounting change $ .77 $ .44
Cumulative effect of accounting change - (.01)
--------- ---------
Net Income $ .77 $ .43
========= =========
* 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%.