Exhibit 11
to
Form 10-Q for the Quarterly
Period Ended September 30, 1994
CINCINNATI BELL INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
In thousands, except per share amounts
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------- -------------------
1994 1993 1994 1993
-------- -------- -------- --------
Income before cumulative effect of
accounting change. . . . . . . . . . . . . . $20,107 $15,645 $54,473 $49,972
Cumulative effect of accounting change . . . . - - (2,925) -
------- ------- ------- -------
Net Income . . . . . . . . . . . . . . . . . . 20,107 15,645 51,548 49,972
Preferred dividend requirements. . . . . . . . - 73 - 2,248
------- ------- ------- -------
Income applicable to common shares . . . . . . $20,107 $15,572 $51,548 $47,724
------- ------- ------- -------
------- ------- ------- -------
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . . . . 65,532 64,689 65,309 62,747
Common share conversions applicable to
common share options. . . . . . . . . . . . . 9 73 9 73
------- ------- ------- -------
Total number of shares for computing
primary earnings per common share. . . . . . 65,541 64,762 65,318 62,820
Average contingent issues of common shares
from convertible preferred shares. . . . . . - 240 - 2,175
------- ------- ------- -------
Total number of shares for computing fully
diluted earnings per common share. . . . . . 65,541 65,002 65,318 64,995
------- ------- ------- -------
------- ------- ------- -------
EARNINGS PER COMMON SHARE
As reported
Income before accounting change. . . . . . . $ .31 $ .24 $ .83 $ .76
Cumulative effect of accounting change . . . - - (.04) -
------- ------- ------- -------
Net income . . . . . . . . . . . . . . . . . $ .31 $ .24 $ .79 $ .76
------- ------- ------- -------
------- ------- ------- -------
Primary
Income before accounting change. . . . . . . $ .31 $ .24 $ .83 $ .76
Cumulative effect of accounting change . . . - - (.04) -
------- ------- ------- -------
Net income . . . . . . . . . . . . . . . . . $ .31 $ .24 $ .79 $ .76
------- ------- ------- -------
------- ------- ------- -------
Fully Diluted
Income before accounting change. . . . . . . $ .31 $ .24 $ .83 $ .77
Cumulative effect of accounting change . . . - - (.04) -
------- ------- ------- -------
Net income . . . . . . . . . . . . . . . . . $ .31 $ .24 $ .79 $ .77
------- ------- ------- -------
------- ------- ------- -------
Earnings per common share for the nine months ended September 30, 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. 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.