Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended March 31, 1995 1994 ------------------------------------------------------------------------ Primary Earnings Net Income (Loss) Available to Common $ 23,598 $ (1,830) ========= ========= Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 80,680 75,140 Additional shares assuming issuance of: Options and Stock Appreciation Rights 67 --- Convertible Preferred Shares 779 --- Common Shares Issuable 605 --- --------- -------- Primary Shares 82,131 75,140 ========= ========= Primary Earnings per Common Share Net Income (Loss) $ .29 $ (.02) ========= ========= Fully Diluted Earnings* Net Income (Loss) Available to Common $ 23,598 $ (1,830) ========= ========= Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 80,680 75,140 Additional shares assuming issuance of: Options and Stock Appreciation Rights 67 --- Convertible Preferred Shares 779 --- Common Shares Issuable 605 --- --------- --------- Fully Diluted Shares 82,131 75,140 ========= ========= Fully Diluted Earnings per Common Share Net Income (Loss) $ .29 $ (.02) ========= ========= ---------- * 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%.