EXHIBIT 11
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
1997 1996
EARNINGS PER COMMON SHARE --------- ---------
Net income for per share calculation $ 332,235 $ 323,958
========= =========
Weighted average common shares
outstanding 482,542 476,803
========= =========
Earnings per common share $ 0.69 $ 0.68
========= =========
Six Months Ended
June 30,
1997 1996
EARNINGS PER COMMON SHARE --------- ---------
Income before cumulative effect of
change in accounting principle $ 671,605 $ 618,253
Cumulative effect of change in
accounting principle - net of tax - 34,158
--------- ---------
Net income for per share calculation $ 671,605 $ 652,411
========= =========
Weighted average common shares
outstanding 481,945 475,929
========= =========
Income before cumulative effect of
change in accounting principle $ 1.39 $ 1.30
Cumulative effect of change in
accounting principle - net of tax - 0.07
--------- ---------
Earnings per common share $ 1.39 $ 1.37
========= =========
1
EXHIBIT 11
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
EARNINGS PER COMMON AND COMMON 1997 1996
EQUIVALENT SHARE: --------- ---------
Net income for per share calculation $ 332,235 $ 323,958
========= =========
Weighted average common shares
outstanding 482,542 476,803
Incremental shares from assumed
exercise of stock options 1,956 1,658
--------- ---------
Total common shares 484,498 478,461
========= =========
Earnings per common and common
equivalent share $ 0.69 $ 0.68
========= =========
Six Months Ended
June 30,
EARNINGS PER COMMON AND COMMON 1997 1996
EQUIVALENT SHARE: --------- ---------
Income before cumulative effect of
change in accounting principle $ 671,605 $ 618,253
Cumulative effect of change in
accounting principle - net of tax - 34,158
--------- ---------
Net income for per share calculation $ 671,605 $ 652,411
========= =========
Weighted average common shares
outstanding 481,945 475,929
Incremental shares from assumed
exercise of stock options 1,905 1,721
--------- ---------
Total common shares 483,850 477,650
========= =========
Income before cumulative effect of
change in accounting principle $ 1.39 $ 1.29
Cumulative effect of change in
accounting principle - net of tax - 0.07
--------- ---------
Earnings per common and common $ 1.39 $ 1.36
equivalent share ========= =========
2
EXHIBIT 11
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
EARNINGS PER COMMON SHARE - ASSUMING 1997 1996
FULL DILUTION: --------- ---------
Net income $ 332,235 $ 323,958
Interest on Convertible Liquid Yield
Option Notes (LYONS) 3,306 3,137
--------- ---------
Adjusted net income for per share
calculation $ 335,541 $ 327,095
========= =========
Weighted average common shares
outstanding 482,542 476,803
Incremental shares from assumed
exercise of stock options 2,562 1,658
Shares issued upon conversion of LYONS 9,386 9,620
--------- ---------
Total common shares 494,490 488,081
========= =========
Earnings per common share -
assuming full dilution $ 0.68 $ 0.67
========= =========
3
EXHIBIT 11
U S WEST COMMUNICATIONS GROUP
Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Six Months Ended
June 30,
EARNINGS PER COMMON SHARE - ASSUMING 1997 1996
FULL DILUTION: --------- ---------
Income before cumulative effect of
change in accounting principle $ 671,605 $ 618,253
Interest on Convertible Liquid Yield
Option Notes (LYONS) 6,643 6,299
--------- ---------
Adjusted income before cumulative effect
of change in accounting principle 678,248 624,552
Cumulative effect of change in
accounting principle - net of tax - 34,158
--------- ---------
Adjusted net income for per share
calculation $ 678,248 $ 658,710
========= =========
Weighted average common shares
outstanding 481,945 475,929
Incremental shares from assumed
exercise of stock options 2,635 1,722
Shares issued upon conversion of LYONS 9,386 9,627
--------- ---------
Total common shares 493,966 487,278
========= =========
Adjusted income before cumulative effect
of change in accounting principle $ 1.37 $ 1.28
Cumulative effect of change in
accounting principle - net of tax - 0.07
--------- ---------
Earnings per common share -
assuming full dilution $ 1.37 $ 1.35
========= =========
4
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
1997 1996
LOSS PER COMMON SHARE --------- ----------
Loss before extraordinary item $ (97,170) $ (10,992)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Net loss (94,297) (10,992)
Less preferred dividends 12,642 855
---------- ----------
Loss available for common
share calculation $ (106,939) $ (11,847)
========== ==========
Weighted average common shares
outstanding 606,446 473,593
========== ==========
Loss per common share $ (0.17) $ (0.03)
========== ==========
1
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Six Months Ended
June 30,
1997 1996
LOSS PER COMMON SHARE --------- ----------
Loss before extraordinary item $ (206,174) $ (8,075)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Net loss (203,301) (8,075)
Less preferred dividends 25,345 1,709
---------- ----------
Loss available for common
share calculation $ (228,646) $ (9,784)
========== ==========
Weighted average common shares
outstanding 606,486 473,298
========== ==========
Loss per common share $ (0.38) $ (0.02)
========== ==========
2
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
LOSS PER COMMON AND COMMON 1997 1996
EQUIVALENT SHARE: --------- ----------
Loss before extraordinary item $ (97,170) $ (10,992)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Net loss (94,297) (10,992)
Less preferred dividends 12,642 855
---------- ----------
Loss available for common
share calculation $ (106,939) $ (11,847)
========== ==========
Weighted average common shares
outstanding 606,446 473,593
Incremental shares from assumed
exercise of stock options 1,329 1,138
---------- ----------
Total common shares 607,775 474,731
========== ==========
Loss per common and common
equivalent share $ (0.17) $ (0.03)
========== ==========
3
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Six Months Ended
June 30,
LOSS PER COMMON AND COMMON 1997 1996
EQUIVALENT SHARE: --------- ----------
Loss before extraordinary item $ (206,174) $ (8,075)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Net loss (203,301) (8,075)
Less preferred dividends 25,345 1,709
---------- ----------
Loss available for common
share calculation $ (228,646) $ (9,784)
========== ==========
Weighted average common shares
outstanding 606,486 473,298
Incremental shares from assumed
exercise of stock options 1,317 1,287
---------- ----------
Total common shares 607,803 474,585
========== ==========
Loss per common and common
equivalent share $ (0.38)$ (0.02)
========== ==========
4
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Three Months Ended
June 30,
LOSS PER COMMON SHARE - ASSUMING 1997 1996
FULL DILUTION: (1)<F1> --------- ----------
Loss before extraordinary item $ (97,170) $ (10,992)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Adjusted net loss (94,297) (10,992)
Less preferred dividends 12,642 855
---------- ----------
Loss available for common
share calculation $ (106,939) $ (11,847)
========== ==========
Weighted average common shares
outstanding 606,446 473,593
Incremental shares from assumed
exercise of stock options 1,861 1,137
---------- ----------
Total common shares 608,307 474,730
========== ==========
Loss per common share - assuming
full dilution $ (0.18) $ (0.03)
========== ==========
<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>
5
EXHIBIT 11
U S WEST MEDIA GROUP
Computation of Loss Per Common Share
(In Thousands, Except Per Share Amounts)
Six Months Ended
June 30,
LOSS PER COMMON SHARE - ASSUMING 1997 1996
FULL DILUTION: (1)<F1> --------- ----------
Loss before extraordinary item $ (206,174) $ (8,075)
Extraordinary item:
Early extinguishment of debt - net
of tax 2,873 -
---------- ----------
Adjusted net loss (203,301) (8,075)
Less preferred dividends 25,345 1,709
---------- ----------
Loss available for common
share calculation $ (228,646) $ (9,784)
========== ==========
Weighted average common shares
outstanding 606,486 473,298
Incremental shares from assumed
exercise of stock options 1,868 1,286
---------- ----------
Total common shares 608,354 474,584
========== ==========
Loss per common share - assuming
full dilution $ (0.38) $ (0.02)
========== ==========
<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