EXHIBIT 11
TELEPHONE AND DATA SYSTEMS, INC.
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 Income before Extraordinary Item and Cumulative Effect of Accounting Changes........ $ 33,896 $ 38,520 $ 21,113
Dividends on Preferred Shares........................................................... (2,386) (2,237) (1,688)
Minority income adjustment assuming issuance of a subsidiary's issuable securities...... -- (546) --
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Net income before Extraordinary Item and Cumulative Effect of Accounting Changes
applicable to Common................................................................... 31,510 35,737 19,425
Extraordinary Item...................................................................... -- (769) --
Cumulative Effect of Accounting Changes................................................. -- (6,866) (5,035)
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Net Income Available to Common.......................................................... $ 31,510 $ 28,102 $ 14,390
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PRIMARY SHARES
Weighted average number of Common and Series A Common Shares Outstanding................ 46,995 38,672 32,432
Additional shares assuming issuance of:
Options and Stock Appreciation Rights................................................. 267 337 328
Convertible Preferred Shares.......................................................... -- 30 276
Common Shares Issuable................................................................ 4 2 --
Public offering shares................................................................ -- 33 --
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Primary Shares.......................................................................... 47,266 39,074 33,036
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PRIMARY EARNINGS PER COMMON SHARE
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes........ $ .67 $ .91 $ .59
Extraordinary Item...................................................................... -- (.02) --
Cumulative Effect of Accounting Changes................................................. -- (.17) (.15)
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Net Income.............................................................................. $ .67 $ .72 $ .44
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FULLY DILUTED EARNINGS*
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes........ $ 33,896 $ 38,520 $ 21,113
Dividends on Preferred Shares........................................................... (2,386) (2,054) (1,688)
Minority income adjustment assuming issuance of a subsidiary's issuable securities...... -- (546) --
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Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes
applicable to Common................................................................... 31,510 35,920 19,425
Extraordinary Item...................................................................... -- (769) --
Cumulative Effect of Accounting Changes................................................. -- (6,866) (5,035)
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Net Income Available to Common.......................................................... $ 31,510 $ 28,285 $ 14,390
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FULLY DILUTED SHARES
Weighted average number of Common and Series A Common Shares Outstanding................ 46,995 38,672 32,432
Additional shares assuming issuance of:
Options and Stock Appreciation Rights................................................. 293 371 365
Convertible Preferred Shares.......................................................... -- 257 276
Common Shares issuable................................................................ 4 2 --
Public offering shares................................................................ -- 33 --
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Fully Diluted Shares.................................................................... 47,292 39,335 33,073
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FULLY DILUTED EARNINGS PER COMMON SHARE
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes........ $ .67 $ .91 $ .59
Extraordinary Item...................................................................... -- (.02) --
Cumulative Effect of Accounting Changes................................................. -- (.17) (.15)
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Net Income.............................................................................. $ .67 $ .72 $ .44
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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%.