EXHIBIT 11
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NTL INCORPORATED
CALCULATION OF NET (LOSS) PER SHARE
Weighted Average Number of Shares
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Date Total Year Ended Year Ended Year Ended
Issued Description of Issuance Outstanding 31-Dec-96 31-Dec-95 31-Dec-94
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01/01/94 Common Stock 30,163,283 30,163,283 30,163,283 30,163,283
01/05/94 Common Stock 5,925 5,925 5,925 5,844
01/12/94 Common Stock 133 133 133 129
02/16/94 Common Stock 88 88 88 77
04/28/94 Common Stock 519 519 519 351
05/10/94 Common Stock 6,668 6,668 6,668 4,293
05/20/94 Common Stock 889 889 889 548
06/08/94 Common Stock 89 89 89 51
07/06/94 Common Stock 223 223 223 108
07/25/94 Common Stock 400 400 400 175
07/28/94 Common Stock 133 133 133 57
08/19/94 Common Stock 223 223 223 81
11/30/94 Common Stock 875 875 875 75
12/05/94 Common Stock 667 667 667 48
01/01/95 Common Stock 20 20 20
01/12/95 Common Stock 200 200 193
02/02/95 Common Stock 2,075 2,075 1,887
02/23/95 Common Stock 556 556 474
04/04/95 Common Stock 1,333 1,333 990
06/08/95 Common Stock 2,667 2,667 1,505
08/04/95 Common Stock 200 200 82
08/07/95 Common Stock 417 417 167
08/21/95 Common Stock 156 156 56
09/05/95 Common Stock 13,333 13,333 4,274
02/13/96 Common Stock 2,223 1,956
02/22/96 Common Stock 533 456
02/28/96 Common Stock 4,919 4,126
03/06/96 Common Stock 1,133 929
03/12/96 Common Stock 5,925 4,759
03/20/96 Common Stock 3,450 2,696
03/25/96 Common Stock 75,000 57,582
04/11/96 Common Stock 10,419 7,515
04/26/96 Common Stock 25,000 17,008
05/30/96 Common Stock 1,333 783
06/13/96 Common Stock 128,793 70,731
06/14/96 Common Stock 132,000 72,131
07/29/96 Common Stock 1,415,000 599,249
11/06/96 Common Stock 44 7
11/25/96 Common Stock 1,112 109
12/26/96 Common Stock 5,500 75
12/27/96 Common Stock 2,000 22
12/31/96 Common Stock 50,667 0
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Total 32,066,123 31,041,206 30,189,763 30,175,120
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Net (loss) ($254,454,000) ($90,785,000) ($29,573,000)
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Net (loss) per common share ($8.20) ($3.01) ($0.98)
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Note: Adjusted to give retroactive effect to the 4-for-3 stock split by way of
a stock dividend paid on August 11, 1995.
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