PRO FORMA EARNINGS NORMALIZATION SCHEDULE U S WEST, INC.
(UNAUDITED)
Quarter Ended
In millions, except March 31, %
per share amounts 2000 1999 Change
- ----------------------------------- -------- --------
NORMALIZED INCOME:
Reported net income $ 404 $ 394 2.5
Adjustments:
Merger related costs 9 - -
Change in market value of Global
Crossing derivatives 81 - -
Gain on sales of investments (49) - -
-------- --------
Normalized income $ 445 $ 394 12.9
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NORMALIZED BASIC
EARNINGS PER SHARE:
Reported basic earnings
per share $ 0.80 $ 0.78 2.6
Adjustments:
Merger related costs 0.02 - -
Change in market value of Global
Crossing derivatives 0.16 - -
Gain on sales of investments (0.10) - -
-------- --------
Normalized basic
earnings per share $ 0.88 $ 0.78 12.8
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NORMALIZED DILUTED EARNINGS
PER SHARE:
Reported diluted earnings
per share $ 0.79 $ 0.78 1.3
Adjustments:
Merger related costs 0.02 - -
Change in market value of Global
Crossing derivatives 0.16 - -
Gain on sales of investments (0.10) - -
-------- --------
Normalized diluted earnings
per share $ 0.87 $ 0.78 11.5
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