EXHIBIT 11.1 McLEODUSA INCORPORATED COMPUTATION OF LOSS PER COMMON SHARE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ----------------------- ----------------------- 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Computation of weighted average number of common shares outstanding: Common shares, Class A, outstanding at the beginning of the period......................................... 62,506 36,920 61,799 36,173 Common shares, Class B, outstanding at the beginning of the period (A)..................................... --- 15,626 --- 15,626 Weighted average number of shares issued during the period............................................... 138 37 637 657 -------- -------- -------- -------- Weighted average number of common shares......................... 62,644 52,583 62,436 52,456 ======== ======== ======== ======== Net loss......................................................... $(29,791) $(16,496) $(60,058) $(29,851) ======== ======== ======== ======== Loss per common share............................................ $ (0.47) $(0.31) $ (0.96) $(0.57) ======== ======== ======== ======== (A) 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 June 30, 1998, all shares of Class B common stock had been converted into shares of Class A common stock.