Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended September 30, 1994 1993 --------------------------------------------------------------------------- Primary Earnings Net Income (Loss) Available to Common $10,796 $ (843) ======= ======= Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 78,170 56,296 Additional shares assuming issuance of: Options and Stock Appreciation Rights 67 - Convertible Preferred Shares 1,093 - Common Shares Issuable 964 - ------- ------- Primary Shares 80,294 56,296 ======= ======= Primary Earnings per Common Share Net Income (Loss) $ .13 $ (.01) ======= ======= Fully Diluted Earnings* Net Income (Loss) Available to Common $10,796 $ (843) ======= ======= Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 78,170 56,296 Additional shares assuming issuance of: Options and Stock Appreciation Rights 73 - Convertible Preferred Shares 1,093 - Common Shares Issuable 964 - ------- ------- Fully Diluted Shares 80,300 56,296 ======= ======= Fully Diluted Earnings per Common Share Net Income (Loss) $ .13 $ (.01) ======= ======= =========== * 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) Nine Months Ended September 30, 1994 1993 --------------------------------------------------------------------------- Primary Earnings Net Income (Loss) Available to Common $15,151 $(14,246) ======= ======== Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 76,909 55,041 Additional shares assuming issuance of: Options and Stock Appreciation Rights 66 - Convertible Preferred Shares 1,102 - Common Shares Issuable 1,416 - ------- ------- Primary Shares 79,493 55,041 ======= ======= Primary Earnings per Common Share Net Income (Loss) $ .19 $ (.26) ======= ======= Fully Diluted Earnings* Net Income (Loss) Available to Common $15,151 $(14,246) ======= ======== Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 76,909 55,041 Additional shares assuming issuance of: Options and Stock Appreciation Rights 74 - Convertible Preferred Shares 1,102 - Common Shares Issuable 1,416 - ------- ------- Fully Diluted Shares 79,501 55,041 ======= ======= Fully Diluted Earnings per Common Share Net Income (Loss) $ .19 $ (.26) ======= ======= =========== * 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%.