Exhibit 11
United States Cellular Corporation
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Three Months Ended June 30, 1996 1995
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Primary Earnings
Net Income Available to Common $ 63,055 $ 24,089
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Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 86,085 82,722
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 81 61
Redeemable Preferred Stock -- 622
Common Shares Issuable -- 532
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Primary Shares 86,166 83,937
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Primary Earnings per Common Share
Net Income $ .73 $ .29
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Fully Diluted Earnings
Net Income Available to Common, as reported $ 63,055 $ 24,089
Interest expense eliminated as a result of the
pro forma conversion of Convertible Debentures 1,870 390
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Net Income Available to Common, as adjusted $ 64,925 $ 24,479
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Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 86,085 82,722
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 81 63
Redeemable Preferred Stock -- 622
Common Shares Issuable -- 532
Conversion of Convertible Debentures 7,059 1,176
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Fully Diluted Shares 93,225 85,115
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Fully Diluted Earnings per Common Share
Net Income $ .70 $ .29
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Exhibit 11
United States Cellular Corporation
Computation of Earnings Per Common Share
(in thousands, except per share amounts)
Six Months Ended June 30, 1996 1995
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Primary Earnings
Net Income Available to Common $ 92,442 $ 47,687
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Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 85,498 81,701
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 95 64
Convertible Preferred Shares 102 700
Common Shares Issuable 231 514
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Primary Shares 85,926 82,979
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Primary Earnings per Common Share
Net Income $ 1.08 $ .57
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Fully Diluted Earnings
Net Income Available to Common, as reported $ 92,442 $ 47,687
Interest expense eliminated as a result of the
pro forma conversion of Convertible Debentures 3,739 390
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Net Income Available to Common, as adjusted $ 96,181 $ 48,077
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Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 85,498 81,701
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 96 67
Convertible Preferred Shares 103 700
Common Shares Issuable 231 514
Conversion of Convertible Debentures 7,059 588
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Fully Diluted Shares 92,987 83,570
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Fully Diluted Earnings per Common Share
Net Income $ 1.03 $ .57
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