EXHIBIT 11
TELEPHONE AND DATA SYSTEMS, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
YEAR ENDED DECEMBER 31, 1994
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
PRIMARY EARNINGS
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes......... $ 60,544
Dividends on Preferred Shares............................................................ (1,809)
Minority income adjustment assuming issuance of a subsidiary's issuable securities....... (411)
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Net income before Extraordinary Item and Cumulative Effect of Accounting Changes
applicable to Common.................................................................... 58,324
Cumulative Effect of Accounting Changes.................................................. (723)
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Net Income Available to Common........................................................... $ 57,601
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PRIMARY SHARES
Weighted average number of Common and Series A Common Shares Outstanding................. 53,295
Additional shares assuming issuance of:
Options and Stock Appreciation Rights.................................................. 182
Convertible Preferred Shares........................................................... 680
Common Shares Issuable................................................................. 40
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Primary Shares........................................................................... 54,197
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PRIMARY EARNINGS PER COMMON SHARE
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes......... $ 1.07
Cumulative Effect of Accounting Changes.................................................. (.01)
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Net Income............................................................................... $ 1.06
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FULLY DILUTED EARNINGS*
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes......... $ 60,544
Dividends on Preferred Shares............................................................ (1,554)
Minority income adjustment assuming issuance of a subsidiary's issuable securities....... (413)
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Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes
applicable to Common.................................................................... 58,577
Cumulative Effect of Accounting Changes.................................................. (723)
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Net Income Available to Common........................................................... $ 57,854
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FULLY DILUTED SHARES
Weighted average number of Common and Series A Common Shares Outstanding................. 53,295
Additional shares assuming issuance of:
Options and Stock Appreciation Rights.................................................. 191
Convertible Preferred Shares........................................................... 949
Common Shares issuable................................................................. 40
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Fully Diluted Shares..................................................................... 54,475
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FULLY DILUTED EARNINGS PER COMMON SHARE
Net Income before Extraordinary Item and Cumulative Effect of Accounting Changes......... $ 1.07
Cumulative Effect of Accounting Changes.................................................. (.01)
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Net Income............................................................................... $ 1.06
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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%.