OPTEL, INC.
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
Quarter Ended Quarter Ended Nine Month Nine Month
May 31, May 31, Period Ended Period Ended
May 31, May 31,
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1997 1996 1997 1996
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Primary:
Net loss $(15,376) $(4,573) $(31,668) $(11,816)
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Weighted average number of common shares 2,530 2,263 2,393 2,188
outstanding
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Net loss per common share $ (6.08) $ (2.02) $ (13.23) $ (5.40)
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Fully diluted:
Net loss $(15,376) $(4,573) $(31,668) $(11,816)
Interest expense related to convertible notes,
net of income tax expense $ 4,301 $ 1,986 $ 12,193 $ 4,510
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Adjusted net loss $(11,075) $(2,587) $(19,475) $ (7,306)
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Weighted average number of common
shares outstanding, assuming conversion
of convertible notes at beginning
of relevant period 3,860 2,845 3,376 2,385
Net loss per common share $ (2.87) $ (0.91) $ ( 5.77) $ (3.06)
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