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Exhibit 11.1
WORLDCOM, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(In thousands, except per share data)
For the Three Months Ended For the Nine Months Ended
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September 30, September 30, September 30, September 30,
1997 1996 1997 1996
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Primary:
Weighted average shares outstanding 903,356 402,881 895,688 393,869
Common stock equivalents 28,537 7,724 27,045 --
Common stock equivalents issuable upon conversion of:
Series A preferred stock 32,703 32,703 --
5% convertible notes -- 4,584 -- --
------------ ------------ ------------ ------------
964,596 415,189 955,436 393,869
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Net income (loss) applicable to common shareholders
before extraordinary items $ 105,839 $ 109,255 $ 220,889 $ (48,466)
Extraordinary items -- -- -- (24,434)
Add back:
Series A preferred dividend 6,364 -- 19,092 --
Interest paid on 5% convertible notes
conversions, net of taxes -- 1,489 -- --
------------ ------------ ------------ ------------
Net income (loss) applicable to common shareholders $ 112,203 $ 110,744 $ 239,981 $ (72,900)
============ ============ ============ ============
Primary earnings (loss) per share:
Applicable to common shareholders before extraordinary items $ 0.12 $ 0.27 $ 0.25 $ (0.12)
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Extraordinary items $ -- $ -- $ -- $ (0.06)
============ ============ ============ ============
Applicable to common shareholders $ 0.12 $ 0.27 $ 0.25 $ (0.18)
============ ============ ============ ============
Fully diluted:
Weighted average shares outstanding 903,356 402,881 895,688 393,869
Common stock equivalents 30,041 7,730 29,109 --
Common stock issuable upon conversion of:
Series A preferred stock 32,703 -- 32,703 --
Series B preferred stock 1,227 -- 1,230 --
5% convertible notes -- 4,584 -- --
------------ ------------ ------------ ------------
967,327 415,195 958,730 393,869
============ ============ ============ ============
Net income (loss) applicable to common shareholders
before extraordinary items $ 105,839 $ 109,255 $ 220,889 $ (48,466)
Extraordinary items -- -- -- (24,434)
Add back:
Series A preferred dividend 6,364 -- 19,092 --
Series B preferred dividend 242 -- 735 --
Interest on 5% convertible notes, net of taxes -- 1,489
------------ ------------ ------------ ------------
Net income (loss) applicable to common shareholders $ 112,445 $ 110,744 $ 240,716 $ (72,900)
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Fully diluted earnings (loss) per share:
Applicable to common shareholders before extraordinary items $ 0.12 $ 0.27 $ 0.25 $ (0.12)
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Extraordinary items $ -- $ -- $ -- $ (0.06)
============ ============ ============ ============
Applicable to common shareholders $ 0.12 $ 0.27 $ 0.25 $ (0.18)
============ ============ ============ ============