Exhibit 11
United States Cellular Corporation
Computation of Earnings Per Common Share and Series A
Common Share (in thousands, except per
share amounts)
Three Months Ended September 30, 1995 1994
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Primary Earnings
Net Income Available to Common $ 32,263 $ 10,796
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Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 82,934 78,170
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 77 67
Convertible Preferred Shares 622 1,093
Common Shares Issuable 928 964
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Primary Shares 84,561 80,294
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Primary Earnings per Common Share
Net Income $ .38 $ .13
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Fully Diluted Earnings*
Net Income Available to Common, as reported $32,263 $10,796
Interest expense eliminated as a result of the pro forma
conversion of Convertible Debentures 2,207 --
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Net Income Available to Common, as adjusted $34,470 $10,796
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Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 82,934 78,170
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 93 73
Convertible Preferred Shares 622 1,093
Common Shares Issuable 928 964
Conversion of Convertible Debentures 7,059 --
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Fully Diluted Shares 91,636 80,300
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Fully Diluted Earnings per Common Share
Net Income $ .38 $ .13
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* 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 and Series A Common Share
(in thousands, except per share amounts)
Nine Months Ended September 30, 1995 1994
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Primary Earnings
Net Income Available to Common $79,950 $15,151
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Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 82,112 76,909
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 68 66
Convertible Preferred Shares 674 1,102
Common Shares Issuable 992 1,416
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Primary Shares 83,846 79,493
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Primary Earnings per Common Share
Net Income $ .95 $ .19
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Fully Diluted Earnings*
Net Income Available to Common, as reported $79,950 $15,151
Interest Expense eliminated as a result of the pro forma
conversion of Convertible Debentures 2,597 --
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Net Income Available to Common, as adjusted $82,547 $15,151
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Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 82,112 76,909
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 133 74
Convertible Preferred Shares 674 1,102
Common Shares Issuable 992 1,416
Conversion of Convertible Debentures 2,767 --
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Fully Diluted Shares 86,678 79,501
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Fully Diluted Earnings per Common Share
Net Income $ .95 $ .19
======= =======
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* 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%.