Exhibit 11
to
Form 10-Q for the Quarterly
Period Ended March 31, 1994
CINCINNATI BELL INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(Dollars in thousands, except per share amounts; shares in thousands)
For the Three Months
Ended March 31,
----------------------
1994 1993
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Income before cumulative effect of accounting change . . . . . $15,646 $20,827
Cumulative effect of accounting change . . . . . . . . . . . . (2,925) --
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . 12,721 20,827
Preferred dividend requirements. . . . . . . . . . . . . . . . -- 1,087
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Income applicable to common shares . . . . . . . . . . . . . . $12,721 $19,740
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Weighted average number of common shares outstanding . . . . . 65,083 61,842
Common share conversions applicable to common share options. . 8 11
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Total number of shares for computing primary earnings per
common share . . . . . . . . . . . . . . . . . . . . . . . . 65,091 61,853
Average contingent issues of common shares from convertible
preferred shares . . . . . . . . . . . . . . . . . . . . . . n/a 3,158
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Total number of shares for computing fully diluted earnings
per common share . . . . . . . . . . . . . . . . . . . . . . n/a 65,011
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EARNINGS PER COMMON SHARE
As reported
Income before accounting change. . . . . . . . . . . . . . $ .24 $ .32
Cumulative effect of accounting change . . . . . . . . . . (.04) --
----- -----
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ .20 $ .32
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----- -----
Primary
Income before accounting change. . . . . . . . . . . . . . $ .24 $ .32
Cumulative effect of accounting change . . . . . . . . . . (.04) --
----- -----
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ .20 $ .32
----- -----
----- -----
Fully diluted
Income before accounting change. . . . . . . . . . . . . . $ .24 $ .32
Cumulative effect of accounting change . . . . . . . . . . (.04) --
----- -----
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ .20 $ .32
----- -----
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Earnings per common share for the three months ended March 31, 1994 and 1993 as
reported in the Consolidated Statements of Income were based on the weighted
average number of common shares outstanding for the respective periods. For the
three months ended March 31, 1994 and 1993 primary and fully diluted earnings
per common share were not shown in the Consolidated Statements of Income as they
differ from the reported earnings per common share by less than three percent or
are anti-dilutive.