Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended March 31, 1996 1995 - ------------------------------------------------------------------------------ Primary Earnings Net Income Available to Common $ 29,387 $ 23,598 Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 84,910 80,680 Additional shares assuming issuance of: Options and Stock Appreciation Rights 109 67 Redeemable Preferred Shares 205 779 Common Shares Issuable 462 605 --------- --------- Primary Shares 85,686 82,131 ========= ========= Primary Earnings per Common Share Net Income $ .34 $ .29 ========= ========= Fully Diluted Earnings* Net Income Available to Common, as reported $ 29,387 $ 23,598 Interest expense eliminated as a result of the pro forma conversion of Convertible Debentures 1,940 -- --------- --------- Net Income Available to Common, as adjusted $ 31,327 $ 23,598 ========= ========= Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 84,910 80,680 Additional shares assuming issuance of: Options and Stock Appreciation Rights 109 67 Redeemable Preferred Shares 205 779 Common Shares Issuable 462 605 Conversion of Convertible Debentures 5,608 -- --------- --------- Fully Diluted Shares 91,294 82,131 ========= ========= Fully Diluted Earnings per Common Share Net Income $ .34 $ .29 ========= ========= * 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%.