EXHIBIT 11 (cont'd.)
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
1996 1995*<F1>
EARNINGS PER COMMON SHARE (1)<F2> --------- ----------
Income before cumulative effect of
change in accounting principle $294,295 $315,266
Cumulative effect of change in
accounting principle - net of tax 34,158 -
---------- ----------
Net income for per share calculation $328,453 $315,266
========== ==========
Weighted average common shares outstanding 475,056 468,557
========== ==========
Income before cumulative effect of
change in accounting principle $0.62 $0.67
Cumulative effect of change in
accounting principle - net of tax 0.07 -
---------- ----------
Earnings per common share $0.69 $0.67
========== ==========
<FN>
<F1>
* Pro forma
<F2>
(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. Earnings per common share for 1995 has been
presented on a pro forma basis to reflect the two classes of
stock as if they had been outstanding since January 1, 1995.
For periods prior to the recapitalization, the average common
shares outstanding are assumed to be equal to the average
common shares outstanding for U S WEST, Inc.
</FN>
4
EXHIBIT 11 (cont'd.)
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
EARNINGS PER COMMON AND COMMON 1996 1995*<F1>
EQUIVALENT SHARE: (1)<F2> --------- ----------
Income before cumulative effect of
change in accounting principle $294,295 $315,266
Cumulative effect of change in
accounting principle - net of tax 34,158 -
---------- ----------
Net income for per share calculation $328,453 $315,266
========== ==========
Weighted average common shares outstanding 475,056 468,557
Incremental shares from assumed
exercise of stock options 1,786 461
---------- ----------
Total common shares 476,842 469,018
========== ==========
Income before cumulative effect of
change in accounting principle $0.62 $0.67
Cumulative effect of change in
accounting principle - net of tax 0.07 -
Earnings per common and common ---------- ----------
equivalent share $0.69 $0.67
========== ==========
<FN>
<F1>
* Pro forma
<F2>
(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. Earnings per common share for 1995 has been
presented on a pro forma basis to reflect the two classes of
stock as if they had been outstanding since January 1, 1995.
For periods prior to the recapitalization, the average common
shares outstanding are assumed to be equal to the average
common shares outstanding for U S WEST, Inc.
</FN>
5
EXHIBIT 11 (cont'd.)
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
EARNINGS PER COMMON SHARE - ASSUMING 1996 1995*<F1>
FULL DILUTION: (1)<F2> --------- ----------
Income before cumulative effect of
change in accounting principle $294,295 $315,266
Interest on Convertible Liquid Yield
Option Notes (LYONS) 3,162 3,043
---------- ----------
Adjusted income before cumulative effect
of change in accounting principle 297,457 318,309
Cumulative effect of change in
accounting principle - net of tax 34,158 -
---------- ----------
Adjusted net income for per
share calculation $331,615 $318,309
========== ==========
Weighted average common shares outstanding 475,056 468,557
Incremental shares from assumed
exercise of stock options 1,789 600
Shares issued upon conversion of LYONS 9,634 9,894
---------- ----------
Total common shares 486,479 479,051
========== ==========
Adjusted income before cumulative effect
of change in accounting principle $0.61 $0.66
Cumulative effect of change in
accounting principle - net of tax 0.07 -
Earnings per common share - ---------- ----------
assuming full dilution $0.68 $0.66
========== ==========
<FN>
<F1>
* Pro forma
<F2>
(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. Earnings per common share for 1995 has been
presented on a pro forma basis to reflect the two classes of
stock as if they had been outstanding since January 1, 1995.
For periods prior to the recapitalization, the average common
shares outstanding are assumed to be equal to the average
common shares outstanding for U S WEST, Inc.
</FN>
6