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EXHIBIT 11.1
IXC COMMUNICATIONS, INC.
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
For the Three-Month Periods Ended June 30, 1996 and 1995
and the Six-Month Periods Ended June 30, 1996 and 1995
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30, Pro Forma(1)
1996 1995 1996 1995 6/30/95
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EARNINGS
Net income (loss) $(12,067) $ 496 $(23,766) $ 1,763 $ 885
Less: Dividends applicable to preferred stock (432) (481) (865) (960) (960)
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Net income (loss) applicable to common stockholders (12,499) 15 (24,631) 803 (75)
Extraordinary items -- (1,006) -- (1,006) (1,006)
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Net incomem (loss) applicable to common stockholders
before extraordinary items $(12,499) $ 1,021 $(24,631) $ 1,809 $ 931
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PRIMARY
Weighted average number of shares outstanding 24,335 24,335 24,335 24,335 24,335
Add: Effect, for periods prior to the initial
public offering (IPO), of common stock
options issued within one year of the IPO 833 833 833 833 833
Add: Dilutive effect of outstanding stock options -- 251 -- 243 243
Less: Assumed repurchase of shares under the
treasury stock method (157) (204) (157) (202) (202)
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Number of shares used to compute earnings (loss)
applicable to common shareholders 25,011 25,215 25,011 25,209 25,209
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FULLY DILUTED
Weighted average number of shares outstanding 24,335 24,335 24,335 24,335 24,335
Add: Effect, for periods prior to the IPO, of
common stock options issued within one year
of the IPO 833 833 833 833 833
Add: Dilutive effect of outstanding stock options -- 251 -- 243 243
Less: Assumed repurchase of shares under the
treasury stock method (157) (204) (157) (202) (202)
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Number of shares used to compute earnings (loss)
applicable to common shareholders 25,011 25,215 25,011 25,209 25,209
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PRIMARY INCOME (LOSS) PER COMMON SHARE
Before extraordinary items $ (0.50) $ 0.04 $ (0.99) $ 0.07 $ 0.04
Extraordinary items -- (0.04) -- (0.04) $ (0.04)
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Net income (loss) $ (0.50) $ -- $ (0.99) $ 0.03 $ --
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Before extraordinary items as adjusted $ (.40) $ .03 $ (.78) $ .06 $ .03
Extraordinary items as adjusted -- (.03) -- (.03) (.03)
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Net income (loss) as adjusted $ (.40) $ -- $ (.78) $ .03 $ --
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FULLY DILUTED INCOME (LOSS) PER COMMON SHARE
Before extraordinary items $ (0.50) $ 0.04 $ (0.99) $ 0.07 $ 0.04
Extraordinary items -- (0.04) -- (0.04) (0.04)
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Net income (loss) $ (0.50) $ -- $ (0.99) $ 0.03 $ --
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Before extraordinary items as adjusted $ (.40) $ .03 $ (.78) $ .06 $ .03
Extraordinary items as adjusted -- (.03) -- (.03) (.03)
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Net income (loss) as adjusted $ (.40) $ -- $ (.78) $ .03 $ --
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(1) The pro forma information reflects the acquisition of the minority
interest in Switched Services Communications, L.L.C., as if the acquisition
(which actually occurred as of January 1, 1996) had occurred as of
January 1, 1995.
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