1 Exhibit 11.1 WORLDCOM, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data) For the Three Months Ended March 31, -------------------------- 1996 1995 ------------ ------------ Primary: Weighted average shares outstanding 193,783 160,396 Common stock equivalents 3,736 6,377 ------------ ------------ 197,519 166,773 ============ ============ Fully diluted: Weighted average shares outstanding 193,783 160,396 Common stock equivalents 4,293 6,636 Common stock issuable upon conversion of: 5% convertible notes 5,135 5,135 Series 1 preferred stock -- 21,877 Series 2 preferred stock 2,633 4,233 ------------ ------------ 205,844 198,277 ============ ============ Income applicable to common shareholders $ 84,995 $ 47,024 Add back: Interest on 5% convertible notes, net of taxes 1,491 1,491 Series 1 preferred dividend requirement -- 6,126 Series 2 preferred dividend requirement 505 813 ------------ ------------ Net income applicable to common shareholders $ 86,991 $ 55,454 ============ ============ Earnings per share: Primary $ 0.43 $ 0.28 Fully diluted $ 0.42 $ 0.28