EXHIBIT 11 U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) Three Months Ended March 31, 1996 1995 EARNINGS PER COMMON SHARE: (1)<F1> --------- ---------- Net income $ - $329,636 Less preferred dividends - 827 Net income available for common ---------- ---------- share calculation $ - $328,809 ========== ========== Weighted average common shares outstanding - 468,557 ========== ========== Earnings per common share $ - $0.70 ========== ========== <FN> <F1> (1) Effective November 1, 1995, each share of U S WEST, Inc. common stock was converted into one share each of U S WEST Communications Group common stock and U S WEST Media Group common stock. </FN> 1 EXHIBIT 11 (cont'd.) U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) Three Months Ended March 31, EARNINGS PER COMMON AND COMMON 1996 1995 EQUIVALENT SHARE: (1)<F1> --------- ---------- Net income $ - $329,636 Less preferred dividends - 827 Net income available for common ---------- ---------- share calculation $ - $328,809 ========== ========== Weighted average common shares outstanding - 468,557 Incremental shares from assumed exercise of stock options - 461 ---------- ---------- Total common shares - 469,018 ========== ========== Earnings per common and common equivalent share $ - $0.70 ========== ========== <FN> <F1> (1) Effective November 1, 1995, each share of U S WEST, Inc. common stock was converted into one share each of U S WEST Communications Group common stock and U S WEST Media Group common stock. </FN> 2 EXHIBIT 11 (cont'd.) U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) Three Months Ended March 31, EARNINGS PER COMMON SHARE - ASSUMING 1996 1995 FULL DILUTION: (1)<F1> --------- ---------- Net income $ - $329,636 Interest on Covertible Liquid Yield Option Notes (LYONS) - 5,578 ---------- ---------- Adjusted income - 335,214 Less preferred dividends - 827 Adjusted net income available for common ---------- ---------- share calculation $ - $334,387 ========== ========== Weighted average common shares outstanding - 468,557 Incremental shares from assumed exercise of stock options - 600 Shares issued upon conversion of LYONS - 9,894 ---------- ---------- Total common shares - 479,051 ========== ========== Earnings per common share - assuming full dilution $ - $0.70 ========== ========== <FN> <F1> (1) Effective November 1, 1995, each share of U S WEST, Inc. common stock was converted into one share each of U S WEST Communications Group common stock and U S WEST Media Group common stock. </FN> 3