EXHIBIT 11.1
McLEODUSA INCORPORATED
COMPUTATION OF LOSS PER COMMON SHARE
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA)
Three Months Ended Nine Months Ended
September 30, September 30,
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1999 1998 1999 1998
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Computation of weighted average number of
common shares outstanding:
Common shares, Class A, outstanding at the
beginning of the period (A)..................................... 150.4 125.8 127.4 123.6
Common shares, Class B, outstanding at the
beginning of the period (B)..................................... --- --- --- ---
Weighted average number of shares issued
during the period (A)........................................... 2.3 0.1 17.6 1.6
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Weighted average number of common shares......................... 152.7 125.9 145.0 125.2
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Net loss applicable to common shares............................. $(62.5) $(33.0) $(171.4) $(93.1)
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Loss per common share............................................ $(0.41) $(0.26) $ (1.18) $(0.74)
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(A) All shares have been adjusted to give effect to the two-for-one stock split
effected in the form of a stock dividend effective July 26, 1999.
(B) 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 September 30, 1999, all shares of Class B common stock have
been converted into shares of Class A common stock.