Exhibit 11
Telephone and Data Systems, Inc.
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended June 30, 1997 1996
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Primary Earnings
Net Income $ 6,821 $ 59,692
Dividends on Preferred Shares (470) (242)
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Net Income Available to Common $ 6,351 $ 59,450
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Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 60,051 60,610
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 100 177
Convertible Preferred Shares -- 441
Common Shares Issuable 10 31
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Primary Shares 60,161 61,259
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Primary Earnings per Common Share
Net Income $ .11 $ .97
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Fully Diluted Earnings*
Net Income $ 6,821 $ 59,692
Dividends on Preferred Shares (470) (45)
--------- ---------
Net Income Available to Common $ 6,351 $ 59,647
========= =========
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 60,051 60,610
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 101 178
Convertible Preferred Shares -- 975
Common Shares Issuable 10 31
--------- ---------
Fully Diluted Shares 60,162 61,794
========= =========
Fully Diluted Earnings per Common Share
Net Income $ .11 $ .97
========= =========
* 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, 1997 1996
- --------------------------------------------------------------------------------
Primary Earnings
Net Income $ 16,438 $ 93,381
Dividends on Preferred Shares (951) (492)
--------- ---------
Net Income Available to Common $ 15,487 $ 92,889
========= =========
Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 60,617 59,822
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 121 175
Convertible Preferred Shares -- 442
Common Shares Issuable 19 26
--------- ---------
Primary Shares 60,757 60,465
========= =========
Primary Earnings per Common Share
Net Income $ .25 $ 1.54
========= =========
Fully Diluted Earnings*
Net Income $ 16,438 $ 93,381
Dividends on Preferred Shares (951) (209)
--------- ---------
Net Income Available to Common $ 15,487 $ 93,172
========= =========
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 60,617 59,822
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 128 178
Convertible Preferred Shares -- 918
Common Shares Issuable 19 26
--------- ---------
Fully Diluted Shares 60,764 60,944
========= =========
Fully Diluted Earnings per Common Share
Net Income $ .25 $ 1.53
========= =========
* 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%.