Exhibit 11 United States Cellular Corporation Computation of Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended June 30, 1997 1996 - -------------------------------------------------------------------------------- Primary Earnings Net Income Available to Common $ 31,692 $ 63,055 ========== ========== Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 86,177 86,085 Additional shares assuming issuance of: Options and Stock Appreciation Rights 48 81 ---------- ---------- Primary Shares 86,225 86,166 ========== ========== Primary Earnings per Common Share Net Income $ .37 $ .73 ========== ========== Fully Diluted Earnings Net Income Available to Common, as reported $ 31,692 $ 63,055 Interest expense eliminated as a result of the pro forma conversion of Convertible Debentures 2,106 1,870 ---------- ---------- Net Income Available to Common, as adjusted 33,798 64,925 ========== ========== Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 86,177 86,085 Additional shares assuming issuance of: Options and Stock Appreciation Rights 54 81 Conversion of Convertible Debentures 7,059 7,059 ---------- ---------- Fully Diluted Shares 93,290 93,225 ========== ========== Fully Diluted Earnings per Common Share Net Income $ .36 $ .70 ========== ========== * The 1997 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, 1997 1996 - -------------------------------------------------------------------------------- Primary Earnings Net Income Available to Common $ 50,160 $ 92,442 ========== ========== Primary Shares Weighted average number of Common and Series A Common Shares Outstanding 86,163 85,498 Additional shares assuming issuance of: Options and Stock Appreciation Rights 48 95 Convertible Preferred Shares -- 102 Common Shares Issuable -- 231 ---------- ---------- Primary Shares 86,211 85,926 ========== ========== Primary Earnings per Common Share Net Income $ .58 $ 1.08 ========== ========== Fully Diluted Earnings Net Income Available to Common, as reported $ 50,160 $ 92,442 Interest expense eliminated as a result of the pro forma conversion of Convertible Debentures 4,201 3,739 ---------- ---------- Net Income Available to Common, as adjusted 54,361 96,181 ========== ========== Fully Diluted Shares Weighted average number of Common and Series A Common Shares Outstanding 86,163 85,498 Additional shares assuming issuance of: Options and Stock Appreciation Rights 55 96 Convertible Preferred Shares -- 103 Common Shares Issuable -- 231 Conversion of Convertible Debentures 7,059 7,059 ---------- ---------- Fully Diluted Shares 93,277 92,987 ========== ========== Fully Diluted Earnings per Common Share Net Income $ .58 $ 1.03 ========== ========== * The 1997 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%.