exh11.htm

	Three months						Six months
	ended June 30,						ended June 30,

	2010			2009			2010			2009
	(Dollars, except per share amounts, and shares in thousands)
Income (Numerator):
Net income attributable to CenturyLink, Inc.	$	238,771			69,030			491,372			136,184
Dividends applicable to preferred stock		(3	)		(3	)		(6	)		(6	)
Earnings applicable to unvested restricted stock		(1,263	)		(1,038	)		(2,408	)		(1,906	)

Net income applicable to common stock for computing basic earnings per share		237,505			67,989			488,958			134,272
Dividends applicable to preferred stock		3			3			6			6

Net income as adjusted for purposes of computing diluted earnings per share	$	237,508			67,992			488,964			134,278

Shares (Denominator):
Weighted average number of shares:
Outstanding during period		300,704			100,931			300,125			100,679
Unvested restricted stock		(1,591	)		(1,517	)		(1,470	)		(1,409	)
Unvested restricted stock units		945			-			1,081			-

Weighted average number of shares outstanding during period for computing basic earnings per share		300,058			99,414			299,736			99,270

Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		13			13			13			13
Shares issuable under incentive compensation plans		534			23			552			14

Number of shares as adjusted for purposes of computing diluted earnings per share		300,605			99,450			300,301			99,297

Basic earnings per share	$	.79			.68			1.63			1.35

Diluted earnings per share	$	.79			.68			1.63			1.35