EX-11 2 ex11.htm EXHIBIT 11 Exhibit 11

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

   
Three months
ended September 30,
 
Nine months
ended September 30,
 
   
2006
 
2005
 
2006
 
2005
 
   
(Dollars, except per share amounts, and shares in thousands)
 
                   
                   
Income (Numerator):
                 
Net income
 
$
76,483
   
91,411
   
298,276
   
256,145
 
Dividends applicable to preferred stock
   
(93
)
 
(99
)
 
(287
)
 
(298
)
                           
Net income applicable to common stock
   
76,390
   
91,312
   
297,989
   
255,847
 
Interest on convertible debentures, net of tax
   
1,207
   
1,207
   
3,621
   
3,621
 
Dividends applicable to preferred stock
   
93
   
99
   
287
   
298
 
                           
Net income as adjusted for purposes of computing diluted earnings per share
 
$
77,690
   
92,618
   
301,897
   
259,766
 
                           
Shares (Denominator):
                         
Weighted average number of shares:
                         
Outstanding during period
   
115,952
   
130,433
   
118,366
   
131,054
 
Nonvested restricted stock
   
(731
)
 
(283
)
 
(681
)
 
(177
)
                           
Number of shares for computing basic earnings per share
   
115,221
   
130,150
   
117,685
   
130,877
 
                           
Incremental common shares attributable to dilutive securities:
                         
Shares issuable under convertible securities
   
4,486
   
4,509
   
4,497
   
4,512
 
Shares issuable upon settlement of accelerated share repurchase agreements
   
-
   
825
   
486
   
344
 
Shares issuable under incentive compensation and employee benefit plans
   
741
   
432
   
680
   
410
 
                           
Number of shares as adjusted for purposes of computing diluted earnings per share
   
120,448
   
135,916
   
123,348
   
136,143
 
                           
                           
Basic earnings per share
 
$
.66
   
.70
   
2.53
   
1.95
 
                           
Diluted earnings per share
 
$
.65
   
.68
   
2.45
   
1.91