OPTEL, INC.
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
QUARTER ENDED QUARTER ENDED
NOVEMBER 30, NOVEMBER 30,
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1997 1996
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Primary:
Net loss $(16,270) $ (6,894)
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Weighted average number of
common shares outstanding 2,578 2,305
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Net loss per common share $ (6.31) $ (2.99)
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Fully diluted:
Net loss $(16,270) $ (6,894)
Interest expense related to
convertible notes, net of
income tax expense 4,847 3,102
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Adjusted net loss $(11,423) $ (3,792)
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Weighted average number of
common shares outstanding,
assuming conversion of
convertible notes at
beginning of relevant period 4,119 3,422
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Net loss per common share $ (2.77) $ (1.11)
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11