EX-11 3 exh11.htm EXHIBIT 11 Unassociated Document

Exhibit 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)



   
Three months
   
Nine months
 
   
ended September 30,
   
ended September 30,
 
   
2007
   
2006
   
2007
   
2006
 
   
(Dollars, except per share amounts, and shares in thousands)
 
                         
Income (Numerator):
                       
Net income
  $
113,202
     
76,324
     
303,337
     
297,794
 
Dividends applicable to preferred stock
    (93 )     (93 )     (279 )     (287 )
                                 
Net income applicable to common stock
   
113,109
     
76,231
     
303,058
     
297,507
 
Interest on convertible debentures, net of tax
   
418
     
1,207
     
2,832
     
3,621
 
Dividends applicable to preferred stock
   
93
     
93
     
279
     
287
 
                                 
Net income as adjusted for purposes of computing diluted earnings per share
  $
113,620
     
77,531
     
306,169
     
301,415
 
                                 
Shares (Denominator):
                               
Weighted average number of shares:
                               
Outstanding during period
   
109,861
     
115,952
     
110,291
     
118,366
 
Nonvested restricted stock
    (865 )     (731 )     (813 )     (681 )
                                 
Number of shares for computing basic earnings per share
   
108,996
     
115,221
     
109,478
     
117,685
 
                                 
Incremental common shares attributable to dilutive securities:
                               
Shares issuable under convertible securities
   
2,443
     
4,486
     
3,804
     
4,497
 
Shares issuable upon settlement of accelerated share repurchase agreements
   
-
     
-
     
-
     
486
 
Shares issuable under incentive compensation and employee benefit plans
   
790
     
741
     
804
     
680
 
                                 
Number of shares as adjusted for purposes of computing diluted earnings per share
   
112,229
     
120,448
     
114,086
     
123,348
 
                                 
Basic earnings per share
  $
1.04
     
.66
     
2.77
     
2.53
 
                                 
Diluted earnings per share
  $
1.01
     
.64
     
2.68
     
2.44