1
EXHIBIT 11
NTL INCORPORATED
CALCULATION OF NET (LOSS) PER SHARE
Weighted Average Number of Shares
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Date Description Total Year Ended Year Ended Year Ended Year Ended
Issued of Issuance Outstanding 31-Dec-98 31-Dec-97 31-Dec-96 31-Dec-95
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12/31/94 Common Stock 30,180,114 30,180,114 30,180,114 30,180,114 30,180,114
01/01/95 Common Stock 20 20 20 20 20
01/12/95 Common Stock 200 200 200 200 193
02/02/95 Common Stock 2,075 2,075 2,075 2,075 1,887
02/23/95 Common Stock 556 556 556 556 474
04/04/95 Common Stock 1,333 1,333 1,333 1,333 990
06/08/95 Common Stock 2,667 2,667 2,667 2,667 1,505
08/04/95 Common Stock 200 200 200 200 82
08/07/95 Common Stock 417 417 417 417 167
08/21/95 Common Stock 156 156 156 156 56
09/05/95 Common Stock 13,333 13,333 13,333 13,333 4,274
02/13/96 Common Stock 2,223 2,223 2,223 1,956
02/22/96 Common Stock 533 533 533 456
02/28/96 Common Stock 4,919 4,919 4,919 4,126
03/06/96 Common Stock 1,133 1,133 1,133 929
03/12/96 Common Stock 5,925 5,925 5,925 4,759
03/20/96 Common Stock 3,450 3,450 3,450 2,696
03/25/96 Common Stock 75,000 75,000 75,000 57,582
04/11/96 Common Stock 10,419 10,419 10,419 7,515
04/26/96 Common Stock 25,000 25,000 25,000 17,008
05/30/96 Common Stock 1,333 1,333 1,333 783
06/13/96 Common Stock 128,793 128,793 128,793 70,731
06/14/96 Common Stock 132,000 132,000 132,000 72,131
08/29/96 Common Stock 1,415,000 1,415,000 1,415,000 599,249
11/06/96 Common Stock 44 44 44 7
11/25/96 Common Stock 1,112 1,112 1,112 109
12/26/96 Common Stock 5,500 5,500 5,500 75
12/27/96 Common Stock 2,000 2,000 2,000 22
12/31/96 Common Stock 50,667 50,667 50,667 0
01/14/97 Common Stock 1,000 1,000 962
01/17/97 Common Stock 4,489 4,489 4,280
01/21/97 Common Stock 23,332 23,332 20,914
02/06/97 Common Stock 223 223 183
03/26/97 Common Stock 1,500 1,500 1,151
05/30/97 Common Stock 900 900 530
06/20/97 Common Stock 1,001 1,001 532
06/25/97 Common Stock 5,334 5,334 2,762
07/10/97 Common Stock 17,967 17,967 8,565
09/16/97 Common Stock 3,533 3,533 1,026
09/26/97 Common Stock 28,666 28,666 7,540
10/03/97 Common Stock 200 200 49
10/15/97 Common Stock 8,239 8,239 1,738
10/16/97 Common Stock 2,250 2,250 468
12/10/97 Common Stock 556 556 32
12/18/97 Common Stock 719 719 26
12/22/97 Common Stock 2,000 2,000 49
12/26/97 Common Stock 2,000 2,000 27
01/08/98 Common Stock 40,137 39,257
01/12/98 Common Stock 5,400 5,222
01/16/98 Common Stock 3,342 3,196
01/26/98 Common Stock 1,500 1,393
01/28/98 Common Stock 19,333 17,850
01/29/98 Common Stock 300 276
02/03/98 Common Stock 8,000 7,255
02/06/98 Common Stock 1,000 899
02/09/98 Common Stock 7,333 6,529
02/10/98 Common Stock 1,200 1,065
2
Weighted Average Number of Shares
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Date Description Total Year Ended Year Ended Year Ended Year Ended
Issued of Issuance Outstanding 31-Dec-98 31-Dec-97 31-Dec-96 31-Dec-95
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02/11/98 Common Stock 3,256 2,881
02/17/98 Common Stock 8,200 7,122
02/25/98 Common Stock 2,800 2,370
03/04/98 Common Stock 200 165
03/06/98 Common Stock 3,800 3,123
03/11/98 Common Stock 9,300 7,516
03/12/98 Common Stock 1,400 1,128
03/13/98 Common Stock 2,600 2,087
03/23/98 Common Stock 7,067 5,480
04/02/98 Common Stock 3,000 2,244
04/06/98 Common Stock 3,800 2,800
04/07/98 Common Stock 6,667 4,895
04/13/98 Common Stock 1,700 1,220
04/20/98 Common Stock 3,700 2,585
04/24/98 Common Stock 6,957,519 4,784,486
04/27/98 Common Stock 1,000 679
05/07/98 Common Stock 1,951,000 1,272,159
05/12/98 Common Stock 800 511
05/18/98 Common Stock 2,000 1,244
05/19/98 Common Stock 4,400 2,724
05/21/98 Common Stock 2,700 1,657
05/26/98 Common Stock 24,167 14,500
05/27/98 Common Stock 3,600 2,150
06/05/98 Common Stock 2,000 1,145
06/08/98 Common Stock 975 550
06/10/98 Common Stock 3,200 1,788
06/25/98 Common Stock 10,000 5,178
06/29/98 Common Stock 400 203
07/02/98 Common Stock 12,583 6,275
07/06/98 Common Stock 1,600 780
07/14/98 Common Stock 4,700 2,189
07/16/98 Common Stock 200 92
07/22/98 Common Stock 800 355
07/23/98 Common Stock 1,100 485
07/29/98 Common Stock 26,800 11,382
08/03/98 Common Stock 30,667 12,603
08/12/98 Common Stock 6,500 2,511
08/20/98 Common Stock 2,200 802
08/26/98 Common Stock 17,067 5,938
09/17/98 Common Stock 7,500 2,158
10/02/98 Common Stock 400 99
10/05/98 Common Stock 11,106 2,647
10/07/98 Common Stock 260 61
10/19/98 Common Stock 2,833 567
10/21/98 Common Stock 4,492 874
10/27/98 Common Stock 8,654,156 1,541,151
10/30/98 Common Stock 35 6
11/09/98 Common Stock 100 14
11/16/98 Common Stock 12,950 1,597
11/17/98 Common Stock 10,096,451 1,217,106
11/19/98 Common Stock 12,760 1,468
11/24/98 Common Stock 6,000 608
11/25/98 Common Stock 77 8
11/30/98 Common Stock 14,000 1,189
12/02/98 Common Stock 411 33
12/07/98 Common Stock 8,110 533
12/08/98 Common Stock 12,033 758
12/11/98 Common Stock 2,000 110
12/15/98 Common Stock 250 11
12/22/98 Common Stock 37 1
12/23/98 Common Stock 95 2
12/24/98 Common Stock 80 2
12/29/98 Common Stock 10,000 55
12/30/98 Common Stock 1,537 4
3
Weighted Average Number of Shares
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Date Description Total Year Ended Year Ended Year Ended Year Ended
Issued of Issuance Outstanding 31-Dec-98 31-Dec-97 31-Dec-96 31-Dec-95
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12/31/98 Common Stock 8,584 0
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Total 60,249,301 41,202,037 32,116,957 31,041,206 30,189,763
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Loss before
extraordinary item ($503,927,000) ($328,557,000) ($254,454,000) ($90,785,000)
Preferred stock dividend (18,761,000) (11,978,000) 0 0
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(522,688,000) (340,535,000) (254,454,000) (90,785,000)
Loss from early
extinguishment of debt (30,689,000) (4,500,000) 0 0
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Loss available to
common shareholders ($553,377,000) ($345,035,000) ($254,454,000) ($90,785,000)
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Basic and diluted net
(loss) per common share:
(Loss) before extraordinary item ($12.69) ($10.60) ($8.20) ($3.01)
Extraordinary item (0.74) (0.14) 0.00 0.00
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Net (loss) per common share ($13.43) ($10.74) ($8.20) ($3.01)
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