EX-11 7 exhibit11.txt EXHIBIT 11 EXHIBIT 11 CenturyTel, Inc. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED)
Three months Nine months ended September 30, ended September 30, ------------------------------------------------------------------------------------------------------------------- 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------- (Dollars, except per share amounts, and shares in thousands) Income (Numerator): Income from continuing operations $ 63,619 59,570 146,684 107,489 Discontinued operations, net of tax 544,130 32,735 610,595 185,779 ------------------------------------------------------------------------------------------------------------------- Net income 607,749 92,305 757,279 293,268 Dividends applicable to preferred stock (100) (100) (299) (299) ------------------------------------------------------------------------------------------------------------------- Net income applicable to common stock 607,649 92,205 756,980 292,969 Dividends applicable to preferred stock 100 100 299 299 ------------------------------------------------------------------------------------------------------------------- Net income as adjusted for purposes of computing diluted earnings per share $ 607,749 92,305 757,279 293,268 =================================================================================================================== Net income applicable to common stock, as adjusted for goodwill amortization $ 607,649 106,195 756,980 335,177 =================================================================================================================== Net income as adjusted for purposes of computing diluted earnings per share, as adjusted * $ 607,749 106,295 757,279 335,476 =================================================================================================================== Shares (Denominator): Weighted average number of shares: Outstanding during period 141,872 141,046 141,522 140,985 Employee Stock Ownership Plan shares not committed to be released (180) (274) (198) (292) ------------------------------------------------------------------------------------------------------------------- Number of shares for computing basic earnings per share 141,692 140,772 141,324 140,693 Incremental common shares attributable to dilutive securities: Conversion of convertible securities 435 435 435 435 Shares issuable under stock option plan 643 1,053 951 1,139 ------------------------------------------------------------------------------------------------------------------- Number of shares as adjusted for purposes of computing diluted earnings per share 142,770 142,260 142,710 142,267 ===================================================================================================================
EXHIBIT 11 (Continued) CenturyTel, Inc. COMPUTATIONS OF EARNINGS PER SHARE (UNAUDITED) (Continued)
Three months Nine months ended September 30, ended September 30, ------------------------------------------------------------------------------------------------------------------- 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------- Basic earnings per share From continuing operations $ .45 .42 1.04 .76 From continuing operations, as adjusted* $ .45 .50 1.04 1.01 From discontinued operations $ 3.84 .23 4.32 1.32 From discontinued operations, as adjusted* $ 3.84 .25 4.32 1.37 Basic earnings per share $ 4.29 .65 5.36 2.08 Basic earnings per share, as adjusted* $ 4.29 .75 5.36 2.38 Diluted earnings per share From continuing operations $ .45 .42 1.03 .76 From continuing operations, as adjusted* $ .45 .50 1.03 1.00 From discontinued operations $ 3.81 .23 4.28 1.31 From discontinued operations, as adjusted* $ 3.81 .25 4.28 1.36 Diluted earnings per share $ 4.26 .65 5.31 2.06 Diluted earnings per share, as adjusted* $ 4.26 .75 5.31 2.36
* As adjusted to reflect the after-tax effect of eliminating goodwill amortization in accordance with SFAS 142.