EXHIBIT 11 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 1997 1996 --------- ---------- Income before cumulative effect of change in accounting principle $339,370 $294,295 Cumulative effect of change in accounting principle - net of tax - 34,158 Net income for per ---------- ---------- share calculation $339,370 $328,453 ========== ========== Weighted average common shares outstanding 481,341 475,056 ========== ========== Income before cumulative effect of change in accounting principle $0.70 $0.62 Cumulative effect of change in accounting principle - net of tax - 0.07 ---------- ---------- Earnings per common share $0.70 $0.69 ========== ========== EXHIBIT 11 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 1997 1996 EQUIVALENT SHARE: --------- ---------- Income before cumulative effect of change in accounting principle $339,370 $294,295 Cumulative effect of change in accounting principle - net of tax - 34,158 Net income for per ---------- ---------- share calculation $339,370 $328,453 ========== ========== Weighted average common shares outstanding 481,341 475,056 Incremental shares from assumed exercise of stock options 1,667 1,786 ---------- ---------- Total common shares 483,008 476,842 ========== ========== Income before cumulative effect of change in accounting principle $0.70 $0.62 Cumulative effect of change in accounting principle - net of tax - 0.07 Earnings per common and common ---------- ---------- equivalent share $0.70 $0.69 ========== ========== EXHIBIT 11 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 - 1997 1996 ASSUMING FULL DILUTION: --------- --------- Income before cumulative effect of change in accounting principle $339,370 $294,295 Interest on Convertible Liquid Yield Option Notes (LYONS) 3,337 3,162 ---------- ---------- Adjusted income before cumulative effect of change in accounting principle 342,707 297,457 Cumulative effect of change in accounting principle - net of tax - 34,158 ---------- ---------- Adjusted net income for per share calculation $342,707 $331,615 ========== ========== Weighted average common shares outstanding 481,341 475,056 Incremental shares from assumed exercise of stock options 1,770 1,789 Shares issued upon conversion of LYONS 9,386 9,634 ---------- ---------- Total common shares 492,497 486,479 ========== ========== Adjusted income before cumulative effect of change in accounting principle $0.70 $0.61 Cumulative effect of change in accounting principle - net of tax - 0.07 Earnings per common share - ---------- ---------- assuming full dilution $0.70 $0.68 ========== ==========