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Exhibit 11.1
WORLDCOM, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(In thousands, except per share data)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------------------------- -------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
Primary:
Weighted average shares outstanding 163,135 156,179 161,766 155,673
Common stock equivalents 5,676 7,579 6,026 8,614
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168,811 163,758 167,792 164,287
========== ========== ========== ==========
Fully diluted:
Weighted average shares outstanding 163,135 156,179 161,766 155,673
Common stock equivalents 5,962 7,570 6,299 8,685
Common stock issuable upon
conversion of:
5% convertible notes 5,135 N/A 5,135 N/A
Series 1 preferred stock 21,877 N/A 21,877 N/A
Series 2 preferred stock 4,233 N/A 4,233 N/A
---------- ---------- ---------- ----------
200,342 163,749 199,310 164,358
========== ========== ========== ==========
Income applicable to common shareholders $ 54,879 $ 12,860 $ 101,903 $ 46,013
Add back:
Interest on 5% convertible notes,
net of taxes 1,491 N/A 2,982 N/A
Series 1 preferred dividend
requirement 6,124 N/A 12,250 N/A
Series 2 preferred dividend
requirement 812 N/A 1,625 N/A
---------- ---------- ---------- ----------
Net income applicable to common
shareholders $ 63,306 $ 12,860 $ 118,760 $ 46,013
========== ========== ========== ==========
Earnings per share:
Primary $ 0.33 $ 0.08 $ 0.61 $ 0.28
Fully diluted 0.32 0.08 0.60 0.28
Note: For the three months and six months ended June 30, 1994, conversion
of the convertible notes and convertible preferred stock was not assumed
because the effect is anti-dilutive.