EXHIBIT 11 U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) Three Months Ended EARNINGS PER COMMON SHARE: March 31, 1995 1994 ---------- ---------- Net income 329,636 323,723 Less preferred dividends 827 -- Net income available for ---------- ---------- common share calculation $328,809 $323,723 ========== ========== Weighted average common shares 468,557 444,378 outstanding ========== ========== Earnings per common share $0.70 $0.73 ========== ========== 1 EXHIBIT 11 U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) EARNINGS PER COMMON AND COMMON Three Months Ended EQUIVALENT SHARE: March 31, 1995 1994 ---------- ---------- Net income 329,636 323,723 Less preferred dividends 827 -- Net income available for ---------- ---------- common share calculation $328,809 $323,723 ========== ========== Weighted average common shares 468,557 444,378 outstanding Incremental shares from assumed exercise of stock options 461 391 ---------- ---------- Total common shares 469,018 444,769 ========== ========== Earnings per common and $0.70 $0.73 common equivalent share ========== ========== 2 EXHIBIT 11 U S WEST, Inc. Computation of Earnings Per Common Share (In Thousands, Except Per Share Amounts) EARNINGS PER COMMON SHARE - ASSUMING Three Months Ended FULL DILUTION: March 31, 1995 1994 ---------- ---------- Net income $329,636 $323,723 Interest on Convertible Liquid Yield Option Notes (LYONS) 5,578 5,441 ---------- ---------- Adjusted income 335,214 329,164 Less preferred dividends 827 - ---------- ---------- Adjusted net income available for common share calculations $334,387 $329,164 ========== ========== Weighted average common shares outstanding 468,557 444,378 Incremental shares from assumed exercise of stock options 600 391 Shares issued upon conversion of LYONS 9,894 10,230 ---------- ---------- Total common shares 479,051 454,999 ========== ========== ---------- ---------- Earnings per common share - $0.70 $0.72 assuming full dilution ========== ========== <FN> * Amounts are excluded from fully diluted earnings (loss) per common share calculation due to their anti-dilutive effect. 3