Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended September 30, 1995 1994
- --------------------------------------------------------------------------------
Primary Earnings
Net Income before cumulative effect
of accounting change $ 42,596 $ 17,623
Dividends on Preferred Shares (258) (457)
Minority income adjustment assuming issuance
of a subsidiaries issuable securities` -- (103)
-------- --------
Net Income Available to Common $ 42,338 $ 17,063
======== ========
Primary Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,805 53,601
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 154 170
Convertible Preferred Shares 1,048 469
Common Shares Issuable 31 42
-------- --------
Primary Shares 59,038 54,282
-------- --------
Primary Earnings per Common Share $ .72 $ .31
======== ========
Fully Diluted Earnings*
Net Income before cumulative effect
of accounting change $ 42,596 $ 17,623
Dividends on Preferred Shares (110) (394)
Minority income adjustment assuming issuance
of a subsidiaries issuable securities -- (104)
-------- --------
Net Income Available to Common $ 42,486 $ 17,125
======== ========
Fully Diluted Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,805 53,601
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 160 182
Convertible Preferred Shares 1,542 739
Common Shares Issuable 31 42
------ ------
Fully Diluted Shares 59,538 54,564
======= ========
Fully Diluted Earnings per Common Share $ .71 $ .31
======== ========
* 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)
Nine Months Ended September 30, 1995 1994
- --------------------------------------------------------------------------------
Primary Earnings
Net Income before cumulative effect
of accounting change $ 88,369 $ 42,167
Dividends on Preferred Shares (1,453) (1,733)
-------- --------
Net income before cumulative effect
of accounting change applicable
to Common 86,916 40,434
Cumulative effect of accounting change -- (723)
Minority income adjustment assuming issuance
of a subsidiaries issuable securities -- (229)
--------- --------
Net Income Available to Common $ 86,916 $ 39,482
========= ========
Primary Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,289 52,860
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 160 183
Convertible Preferred Shares 708 38
Common Shares Issuable 34 40
--------- --------
Primary Shares 58,191 53,121
========= ========
Primary Earnings per Common Share
Net Income before cumulative effect
of accounting change $ 1.49 $ .75
Cumulative effect of accounting change -- (.01)
--------- --------
Net Income $ 1.49 $ .74
========= ========
Fully Diluted Earnings*
Net Income before cumulative effect
of accounting change $ 88,369 $ 42,167
Dividends on Preferred Shares (1,137) (1,541)
--------- --------
Net income before cumulative effect
of accounting change applicable
to Common 87,232 40,626
Cumulative effect of accounting change -- (723)
Minority income adjustment assuming issuance
of a subsidiaries issuable securities -- (230)
--------- --------
Net Income Available to Common $ 87,232 $ 39,673
========= ========
Fully Diluted Shares
Weighted average number of Common and
Series A Common Shares Outstanding 57,289 52,860
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 163 193
Convertible Preferred Shares 1,033 309
Common Shares Issuable 34 40
--------- --------
Fully Diluted Shares 58,519 53,402
========= ========
Fully Diluted Earnings per Common Share
Net Income before cumulative effect
of accounting change $ 1.49 $ .75
Cumulative effect of accounting change -- (.01)
--------- --------
Net Income $ 1.49 $ .74
========= ========
* 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%.