EXHIBIT 11.1 McLEODUSA INCORPORATED COMPUTATION OF LOSS PER COMMON SHARE (AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA) Three Months Ended March 31, -------------------- 2000 1999 ------ ------ Computation of weighted average number of common shares outstanding: Common shares, Class A, outstanding at the beginning of the period................................. 472.8 382.1 Common shares, Class B, outstanding at the beginning of the period (A)............................. --- --- Weighted average number of shares issued during the period....................................... 6.9 14.6 ------ ------ Weighted average number of common shares................. 479.7 396.7 ====== ====== Net loss................................................. $(72.1) $(47.5) ====== ====== Loss per common share.................................... $(0.15) $(0.12) ====== ====== (A) All shares have been adjusted to give effect to the three-for-one stock split effected in the form of a stock dividend effective April 24, 2000. (B) The Class B common stock, $.01 par value per share is convertible on a one- for-one basis at any time at the option of the holder into Class A common stock. As of March 31, 2000, all shares of Class B common stock have been converted into shares of Class A common stock.