EXHIBIT 11
NTL INCORPORATED
CALCULATION OF NET (LOSS) PER SHARE
Weighted Average Number of Shares
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Date Description Total Year Ended Year Ended Year Ended
Issued of Issuance Outstanding 31-Dec-97 31-Dec-96 31-Dec-95
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12/31/94 Common Stock 30,180,114 30,180,114 30,180,114 30,180,114
01/01/95 Common Stock 20 20 20 20
01/12/95 Common Stock 200 200 200 193
02/02/95 Common Stock 2,075 2,075 2,075 1,887
02/23/95 Common Stock 556 556 556 474
04/04/95 Common Stock 1,333 1,333 1,333 990
06/08/95 Common Stock 2,667 2,667 2,667 1,505
08/04/95 Common Stock 200 200 200 82
08/07/95 Common Stock 417 417 417 167
08/21/95 Common Stock 156 156 156 56
09/05/95 Common Stock 13,333 13,333 13,333 4,274
02/13/96 Common Stock 2,223 2,223 1,956
02/22/96 Common Stock 533 533 456
02/28/96 Common Stock 4,919 4,919 4,126
03/06/96 Common Stock 1,133 1,133 929
03/12/96 Common Stock 5,925 5,925 4,759
03/20/96 Common Stock 3,450 3,450 2,696
03/25/96 Common Stock 75,000 75,000 57,582
04/11/96 Common Stock 10,419 10,419 7,515
04/26/96 Common Stock 25,000 25,000 17,008
05/30/96 Common Stock 1,333 1,333 783
06/13/96 Common Stock 128,793 128,793 70,731
06/14/96 Common Stock 132,000 132,000 72,131
08/29/96 Common Stock 1,415,000 1,415,000 599,249
11/06/96 Common Stock 44 44 7
11/25/96 Common Stock 1,112 1,112 109
12/26/96 Common Stock 5,500 5,500 75
12/27/96 Common Stock 2,000 2,000 22
12/31/96 Common Stock 50,667 50,667 0
01/14/97 Common Stock 1,000 962
01/17/97 Common Stock 4,489 4,280
01/21/97 Common Stock 23,332 20,914
02/06/97 Common Stock 223 183
03/26/97 Common Stock 1,500 1,151
05/30/97 Common Stock 900 530
06/20/97 Common Stock 1,001 532
06/25/97 Common Stock 5,334 2,762
07/10/97 Common Stock 17,967 8,565
09/16/97 Common Stock 3,533 1,026
09/26/97 Common Stock 28,666 7,540
10/03/97 Common Stock 200 49
10/15/97 Common Stock 8,239 1,738
10/16/97 Common Stock 2,250 468
12/10/97 Common Stock 556 32
12/18/97 Common Stock 719 26
12/22/97 Common Stock 2,000 49
12/26/97 Common Stock 2,000 27
01/08/98 Common Stock 40,137 0
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Total 32,210,169 32,116,957 31,041,206 30,189,763
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Loss before extraordinary item ($328,557,000) ($254,454,000) ($90,785,000)
Preferred stock dividend (11,978,000) 0 0
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(340,535,000) (254,454,000) (90,785,000)
Loss from early extinguishment of debt (4,500,000) 0 0
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Loss available to common shareholders ($345,035,000) ($254,454,000) ($90,785,000)
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Basic and diluted net (loss) per common share:
(Loss) before extraordinary item ($10.60) ($8.20) ($3.01)
Extraordinary item (0.14) 0.00 0.00
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Net (loss) per common share ($10.74) ($8.20) ($3.01)
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Note: Adjusted to give retroactive effect to the 4-for-3 stock split by way of a stock dividend
paid on August 11, 1995.