Exhibit 11.1 WORLDCOM, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data) For the Three Months Ended March 31, -------------------------- 1997 1996 ------------ ------------ Primary: Weighted average shares outstanding 888,245 387,566 Common stock equivalents 28,031 7,472 Common stock issuable upon conversion of: Series A preferred stock 32,703 - ------------ ------------ 948,979 395,038 ============ ============ Fully diluted: Weighted average shares outstanding 888,245 387,566 Common stock equivalents 28,031 8,586 Common stock issuable upon conversion of: Series A preferred stock 32,703 - Series B preferred stock 1,237 - 5% convertible notes - 10,270 Series 2 preferred stock - 5,266 ------------ ------------ 950,216 411,688 ============ ============ Income applicable to common shareholders $ 43,054 $ 85,802 Add back: Series A preferred dividend 6,364 - Series B preferred dividend 246 - Interest on 5% convertible notes, net of taxes - 1,491 Series 2 preferred dividend requirement - 505 ------------ ----------- Net income applicable to common shareholders $ 49,664 $ 87,798 ============ =========== Earnings per share: Primary $ 0.05 $ 0.22 Fully diluted $ 0.05 $ 0.21