PRO FORMA EARNINGS NORMALIZATION SCHEDULE U S WEST, INC.
(UNAUDITED)
Quarter Ended Year Ended
In millions, except December 31, % December 31, %
per share amounts 1999 1998 Change 1999 1998 Change
- - ------------------- ---- ---- ------ ---- ---- ------
NORMALIZED INCOME:
Reported net income $ 166 $ 397 (58.2) $1,102 $1,448 (23.9)
Adjustments:
Loss on sale of Global
Crossing investment 259 - - 259 - -
Terminated merger -
related expenses - - - 282 - -
Separation costs - - - - 68 -
Asset impairment - - - - 21 -
---- ---- ----- -----
Normalized income $ 425 $ 397 7.1 $1,643 $1,537 6.9
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NORMALIZED BASIC
EARNINGS PER SHARE:
Reported basic earnings
per share $0.33 $0.79 (58.2) $2.18 $2.89 (24.6)
Adjustments:
Loss on sale of Global
Crossing investment 0.51 - - 0.51 - -
Terminated merger -
related expenses - - - 0.56 - -
Separation costs - - - - 0.13 -
Asset impairment - - - - 0.04 -
---- ---- ----- -----
Normalized basic
earnings per share $0.84 $0.79 6.3 $3.26 # $3.07 # 6.2
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NORMALIZED DILUTED
EARNINGS PER SHARE:
Reported diluted
earnings per share $0.32 $0.78 (59.0) $2.16 $2.86 (24.5)
Adjustments:
Loss on sale of Global
Crossing investment 0.51 - - 0.51 -
Terminated merger -
related expenses - - - 0.55 - -
Separation costs - - - 0.13 -
Asset impairment - - - - 0.04 -
---- ---- ----- -----
Normalized diluted
earnings per share $0.83 $0.78 6.4 $3.23 # $3.04 # 6.3
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# Amount does not foot due to rounding of individual components.
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