Exhibit 11
United States Cellular Corporation
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended June 30, 1995 1994
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Primary Earnings
Net Income Available to Common $ 24,089 $ 6,185
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Primary Shares
Weighted average number of Common
and Series A Common Shares
Outstanding 82,722 77,417
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 61 60
Convertible Preferred Shares 622 1,071
Common Shares Issuable 532 1,039
--------- --------
Primary Shares 83,937 79,587
========= ========
Primary Earnings per Common Share
Net Income $ .29 $ .08
========= ========
Fully Diluted Earnings*
Net Income Available to Common,
as reported $ 24,089 $ 6,185
Interest expense eliminated as a
result of the pro forma conversion
of Convertible Debentures 390
--------- --------
Net Income Available to Common,
as adjusted 24,479 6,185
========= ========
Fully Diluted Shares
Weighted average number of Common
and Series A Common Shares
Outstanding 82,722 77,417
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 63 60
Convertible Preferred Shares 622 1,071
Common Shares Issuable 532 1,039
Conversion of Convertible Debentures 1,176
--------- --------
Fully Diluted Shares 85,115 79,587
========= ========
Fully Diluted Earnings per Common Share
Net Income $ .29 $ .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, 1995 1994
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Primary Earnings
Net Income Available to Common $ 47,687 $ 4,355
========= ========
Primary Shares
Weighted average number of Common and
Series A Common Shares Outstanding 81,701 76,279
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 64 66
Convertible Preferred Shares 700 1,102
Common Shares Issuable 514 1,645
--------- --------
Primary Shares 82,979 79,092
========= ========
Primary Earnings per Common Share
Net Income $ .57 $ .06
========= ========
Fully Diluted Earnings*
Net Income Available to Common,
as reported $ 47,687 $ 4,355
Interest expense eliminated as a
result of the pro forma conversion
of Convertible Debentures 390
--------- --------
Net Income Available to Common,
as adjusted 48,077 4,355
========= ========
Fully Diluted Shares
Weighted average number of Common
and Series A Common Shares
Outstanding 83,570 76,279
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 67 66
Convertible Preferred Shares 700 1,102
Common Shares Issuable 514 1,645
Conversion of Convertible Debentures 588
--------- -------
Fully Diluted Shares 83,570 79,092
========= =======
Fully Diluted Earnings per Common Share
Net Income $ .57 $ .06
========= ========
==========
* 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%.