PRO FORMA EARNINGS NORMALIZATION SCHEDULE U S WEST, INC.
(UNAUDITED)
Quarter Ended Year Ended
In millions, except December 31, % December 31, %
per share amounts 1998 1997 Change 1998 1997 Change
- -------------------- ------- ------- -------------- ------- ------
NORMALIZED PRO FORMA INCOME:
Reported pro forma
net income $ 368 $ 227 62.1 $ 1,436 $ 1,362 5.4
Adjustments:
Rural exchange sales - - - - (48) -
Bellcore sale - (32) - - (32) -
Separation costs - - - 68 - -
Asset impairment - - - 21 - -
Extraordinary item - - - - 3 -
---------------- -------- --------
Normalized pro forma
income $ 368 $ 195 88.7 $ 1,525 $ 1,285 18.7
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NORMALIZED PRO FORMA
BASIC EARNINGS PER SHARE:
Reported pro forma
basic earnings
per share $ 0.73 $ 0.45 62.2 $ 2.86 $ 2.73 4.8
Adjustments:
Rural exchange sales - - - - (0.10) -
Bellcore sale - (0.07) - - (0.07) -
Separation costs - - - 0.13 - -
Asset impairment - - - 0.04 - -
Extraordinary item - - - - 0.01 -
---------------- -------- --------
Normalized pro forma basic
earnings per share $ 0.73 $ 0.39 # 87.2 $ 3.04 #$ 2.57 18.3
---------------- -------- --------
NORMALIZED PRO FORMA
DILUTED EARNINGS
PER SHARE:
Reported pro forma
diluted earnings
per share $ 0.73 $ 0.45 62.2 $ 2.84 $ 2.70 5.2
Adjustments:
Rural exchange sales - - - - (0.10) -
Bellcore sale - (0.07) - - (0.07) -
Separation costs - - - 0.13 - -
Asset impairment - - - 0.04 - -
Extraordinary item - - - - 0.01 -
---------------- -------- --------
Normalized pro forma
diluted earnings
per share $ 0.73 $ 0.39 # 87.2 $ 3.01 $ 2.55 # 18.0
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<FN>
<F1>
# Amount does not foot due to rounding of the individual components.
</FN>
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