Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended June 30, 1994 1993 ---------------------------------------------------------------------------------- Primary Earnings Net Income (Loss) Available to Common $ 6,185 $ (4,195) ======== ======= Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 77,417 54,836 Additional shares assuming issuance of: Options and Stock Appreciation Rights 60 --- Convertible Preferred Shares 1,071 --- Common Shares Issuable 1,039 --- -------- ------- Primary Shares 79,587 54,836 ======== ======= Primary Earnings per Common Share Net Income (Loss) $ .08 $ (.08) ======== ======= Fully Diluted Earnings* Net Income (Loss) Available to Common $ 6,185 $ (4,195) ======== ======= Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 77,417 54,836 Additional shares assuming issuance of: Options and Stock Appreciation Rights 60 --- Convertible Preferred Shares 1,071 --- Common Shares Issuable 1,039 --- -------- ------- Fully Diluted Shares 79,587 54,836 ======== ======= Fully Diluted Earnings per Common Share Net Income (Loss) $ .08 $ (.08) ======== ======= * This calculation is submitted in accordance with Securities Act of 1934 Release No. 9083 although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%. Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Six Months Ended June 30, 1994 1993 -------------------------------------------------------------------------------------- Primary Earnings Net Income (Loss) Available to Common $ 4,355 $(13,403) ======== ======= Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 76,279 54,414 Additional shares assuming issuance of: Options and Stock Appreciation Rights 66 --- Convertible Preferred Shares 1,102 --- Common Shares Issuable 1,645 --- -------- ------- Primary Shares 79,092 54,414 ======== ======= Primary Earnings per Common Share Net Income (Loss) $ .06 $ (.25) ======== ======= Fully Diluted Earnings* Net Income (Loss) Available to Common $ 4,355 $(13,403) ======== ======= Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 76,279 54,414 Additional shares assuming issuance of: Options and Stock Appreciation Rights 66 --- Convertible Preferred Shares 1,102 --- Common Shares Issuable 1,645 --- -------- ------- Fully Diluted Shares 79,092 54,414 ======== ======= Fully Diluted Earnings per Common Share Net Income (Loss) $ .06 $ (.25) ======== ======= * This calculation is submitted in accordance with Securities Act of 1934 Release No. 9083 although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.