Exhibit 11
United States Cellular Corporation
Computation of Earnings Per Common Share and Series A Common Share
(Dollars in thousands, except per share amounts)
Three Months Ended September 30, 1996 1995
- -------------------------------- ------- -------
Primary Earnings
Net Income Available to Common $26,140 $32,263
======= =======
Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 86,092 82,934
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 66 77
Redeemable Preferred Shares -- 622
Common Shares Issuable -- 928
------- -------
Primary Shares 86,158 84,561
======= =======
Primary Earnings per Common Share
Net Income $ .30 $ .38
======= =======
Fully Diluted Earnings*
Net Income Available to Common, as reported $26,140 $32,263
Interest expense eliminated as a result of the
pro forma conversion of Convertible Debentures 1,926 2,207
------- -------
Net Income Available to Common, as adjusted 28,066 34,470
======= =======
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 86,092 82,934
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 67 93
Redeemable Preferred Shares -- 622
Common Shares Issuable -- 928
Conversion of Convertible Debentures 7,059 7,059
------- -------
Fully Diluted Shares 93,218 91,636
======= =======
Fully Diluted Earnings per Common Share
Net Income $ .30 $ .38
======= =======
* This calculation is submitted in accordance with Securities Exchange 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
(Dollars in thousands, except per share amounts)
Nine Months Ended September 30, 1996 1995
- --------------------------------------------------------------------------------
Primary Earnings
Net Income Available to Common $118,582 $79,950
======== =======
Primary Shares
Weighted average number of Common and Series A
Common Shares Outstanding 85,696 82,112
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 85 68
Redeemable Preferred Shares 68 674
Common Shares Issuable 153 992
-------- -------
Primary Shares 86,002 83,846
======== =======
Primary Earnings per Common Share
Net Income $ 1.38 $ .95
======== =======
Fully Diluted Earnings*
Net Income Available to Common, as reported $118,582 $79,950
Interest expense eliminated as a result of the
pro forma conversion of Convertible Debentures 5,665 2,597
-------- -------
Net Income Available to Common, as adjusted 124,247 82,547
======== =======
Fully Diluted Shares
Weighted average number of Common and Series A
Common Shares Outstanding 85,696 82,112
Additional shares assuming issuance of:
Options and Stock Appreciation Rights 85 133
Redeemable Preferred Shares 68 674
Common Shares Issuable 153 992
Conversion of Convertible Debentures 7,059 2,767
-------- -------
Fully Diluted Shares 93,061 86,678
======== =======
Fully Diluted Earnings per Common Share
Net Income $ 1.34 $ .95
======== =======
* This calculation is submitted in accordance with Securities Exchange 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%.