EXHIBIT 11
UNITED STATES CELLULAR CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31, 1993 1992 1991
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PRIMARY EARNINGS
Net (Loss) Income Before Cumulative Effect of
a Change in Accounting Principle . . . . . . . . . . . . . . . . . $ (25,441) $ 6,194 $ (24,373)
Cumulative effect of a change in
accounting principle . . . . . . . . . . . . . . . . . . . . . . . - - (10,269)
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Net (Loss) Income. . . . . . . . . . . . . . . . . . . . . . . . . . $ (25,441) $ 6,194 $ (34,642)
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PRIMARY SHARES
Weighted average number of Common and Series A
Common Shares Outstanding. . . . . . . . . . . . . . . . . . . . . 57,152 50,349 38,715
Additional shares assuming issuance of:
Options and Stock Appreciation Rights. . . . . . . . . . . . . . . - 34 -
Convertible Preferred Shares . . . . . . . . . . . . . . . . . . . - 1,126 -
Common Shares Issuable . . . . . . . . . . . . . . . . . . . . . . - 6,269 -
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Primary Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,152 57,778 38,715
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PRIMARY EARNINGS PER COMMON SHARE
Net (Loss) Income Before Cumulative Effect of
a Change in Accounting Principle . . . . . . . . . . . . . . . . . $ (.45) $ .11 $ (.63)
Cumulative effect of a change in
accounting principle . . . . . . . . . . . . . . . . . . . . . . . - - (.26)
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Net (Loss) Income. . . . . . . . . . . . . . . . . . . . . . . . . . $ (.45) $ .11 $ (.89)
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FULLY DILUTED EARNINGS*
Net (Loss) Income Before Cumulative Effect of
a Change in Accounting Principle . . . . . . . . . . . . . . . . . $ (25,441) $ 6,194 $ (24,373)
Cumulative effect of a change in
accounting principle . . . . . . . . . . . . . . . . . . . . . . . - - (10,269)
---------- ---------- ----------
Net (Loss) Income. . . . . . . . . . . . . . . . . . . . . . . . . . $ (25,441) $ 6,194 $ (34,642)
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FULLY DILUTED SHARES
Weighted average number of Common and Series A
Common Shares Outstanding. . . . . . . . . . . . . . . . . . . . . 57,152 50,349 38,715
Additional shares assuming issuance of:
Options and Stock Appreciation Rights. . . . . . . . . . . . . . . - 41 -
Convertible Preferred Shares . . . . . . . . . . . . . . . . . . . - 1,126 -
Common Shares Issuable . . . . . . . . . . . . . . . . . . . . . . - 6,269 -
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Fully Diluted Shares . . . . . . . . . . . . . . . . . . . . . . . . 57,152 57,785 38,715
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FULLY DILUTED EARNINGS PER COMMON SHARE
Net (Loss) Income Before Cumulative Effect of
a Change in Accounting Principle . . . . . . . . . . . . . . . . . $ (.45) $ .11 $ (.63)
Cumulative effect of a change in
accounting principle . . . . . . . . . . . . . . . . . . . . . . . - - (.26)
---------- ---------- ----------
Net (Loss) Income. . . . . . . . . . . . . . . . . . . . . . . . . . $ (.45) $ .11 $ (.89)
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<FN>
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* This 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%.