EXHIBIT 11
VANGUARD CELLULAR SYSTEMS, INC. AND SUBSIDIARIES
CALCULATION OF FULLY DILUTED EARNINGS PER SHARE
(Amounts in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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Net Income $ 1,068 $ 2,888 $ 1,370 $ 10,281
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Weighted average number of common shares outstanding 40,280 41,339 40,466 41,325
Adjustments necessary to reflect weighted average number
of common shares outstanding on a fully diluted basis 534 453 406 591
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40,814 41,792 40,872 41,916
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Fully diluted earnings per share $ 0.03 $ 0.07 $ 0.03 $ 0.25
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