EXHIBIT 11 U S WEST MEDIA GROUP Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) Three Months Ended March 31, 1997 1996 EARNINGS PER COMMON SHARE: --------- --------- Net income (loss) ($109,003) $2,917 Less preferred dividends 12,703 854 Net income (loss) available for ---------- --------- common share calculation ($121,706) $2,063 ========== ========= Weighted average common shares outstanding 606,527 473,003 ========== ========= Earnings (loss) per common share ($0.20) $ - ========== ========= EXHIBIT 11 U S WEST MEDIA 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: --------- ---------- Net income (loss) ($109,003) $2,917 Less preferred dividends 12,703 854 Net income (loss) available for --------- ---------- common share calculation ($121,706) $2,063 ========= ========== Weighted average common shares outstanding 606,527 473,003 Incremental shares from assumed exercise of stock options 1,268 1,446 ---------- ---------- Total common shares 607,795 474,449 ========== ========== Earnings (loss) per common and common equivalent share ($0.20) $ - ========== ========== EXHIBIT 11 U S WEST MEDIA 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: (1)<F1> --------- ---------- Net income (loss) ($109,003) $2,917 Less preferred dividends 12,703 854 Net income (loss) available for --------- ---------- common share calculation ($121,706) $2,063 ========= ========== Weighted average common shares outstanding 606,527 473,003 Incremental shares from assumed exercise of stock options 1,268 1,459 ---------- ---------- Total common shares 607,795 474,462 ========== ========== Earnings (loss) per common share - assuming full dilution ($0.20) $ - ========== ========== <FN> <F1> (1) The effects of converting the Liquid Yield Option Notes (LYONS) are excluded from the fully diluted earnings per common share calculation due to their anti-dilutive effect. </FN> 6