EXHIBIT 11



                                 ADTRAN, INC.
                                        
             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
             FOR THE YEARS ENDED DECEMBER 31, 1994, 1995 AND 1996



 
 
                                                     1994         1995         1996
                                                  -----------  -----------  -----------
                                                                   
 
Weighted average common shares outstanding         33,213,678   36,984,156   38,603,289
                                             
Net weighted average common stock options
   outstanding under the treasury stock method      2,918,262    2,305,351      962,801
                                                  -----------  -----------  -----------
 
Weighted average common and common
   equivalent shares outstanding                   36,131,940   39,289,507   39,566,090
                                                  ===========  ===========  ===========
 
Net income (pro forma)                            $18,608,605  $29,457,727  $39,819,904
                                                  ===========  ===========  ===========
 
Net income per common and common                
   equivalent share (pro forma)                   $      0.52  $      0.75  $      1.01
                                                  ===========  ===========  ===========