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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 Nine Months Ended
September 30, September 30,
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1995 1994 1995 1994
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Primary:
Weighted average shares outstanding 176,644 158,282 166,725 157,296
Common stock equivalents 4,492 - 5,515 -
Common stock issuable upon conversion of:
Series 1 preferred stock 12,603 - 18,786 -
Series 2 preferred stock 1,275 - 1,491 -
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195,014 158,282 192,517 157,296
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Income (loss) applicable to common shareholders $ 53,802 $ (118,694) $ 155,705 $ (72,681)
Dividend paid on Series 1 preferred stock conversions 3,062 - 15,312 -
Dividend paid on Series 2 preferred stock conversions 243 - 858 -
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Primary income (loss) applicable to common shareholders
after one-time dividend $ 57,107 $ (118,694) $ 171,875 $ (72,681)
One-time dividend payment on Series 1 preferred stock
conversion 15,000 - 15,000 -
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Primary income (loss) applicable to common shareholders
before one-time dividend $ 72,107 $ (118,694) $ 186,875 $ (72,681)
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Primary earnings (loss) per share:
After one-time dividend payment to Series 1 preferred
shareholder $ 0.29 $ (0.75) $ 0.89 $ (0.46)
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Before one-time dividend payment to Series 1 preferred
shareholder $ 0.37 $ (0.75) $ 0.97 $ (0.46)
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Fully diluted:
Weighted average shares outstanding 176,644 158,282 166,725 157,296
Common stock equivalents 4,671 - 5,756 -
Common stock issuable upon conversion of:
5% convertible notes 5,135 - 5,135 -
Series 1 preferred stock 12,603 - 18,786 -
Series 2 preferred stock 3,908 - 4,124 -
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202,961 158,282 200,526 157,296
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Income (loss) applicable to common shareholders $ 53,802 $ (118,694) $ 155,705 $ (72,681)
Add back:
Interest on 5% convertible notes, net of taxes 1,491 - 4,472 -
Series 1 preferred dividend requirement 3,062 - 15,312 -
Series 2 preferred dividend requirement 749 - 2,374 -
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Fully diluted income (loss) applicable to common
shareholders after one-time dividend $ 59,104 $ (118,694) $ 177,863 $ (72,681)
Dividend paid on Series 1 preferred stock conversion 15,000 - 15,000 -
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Fully diluted income (loss) applicable to common
shareholders before one-time dividend $ 74,104 $ (118,694) $ 192,863 $ (72,681)
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Fully diluted earnings (loss) per share:
After one-time dividend payment to Series 1 preferred
shareholder $ 0.29 $ (0.75) $ 0.89 $ (0.46)
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Before one-time dividend payment to Series 1 preferred
shareholder $ 0.37 $ (0.75) $ 0.96 $ (0.46)
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