EXHIBIT 11 – COMPUTATION OF EARNINGS PER SHARE

(In thousands, except per share data)	Three Months Ended March 31, 2008 Pre-merger
Basic and diluted Numerator:
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc. – Common Shares	$	160,370	*
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc. – Unvested Shares		1,021	*
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.		161,391
Income (loss) from discontinued operations, net		638,262
Net income (loss) attributable to Clear Channel Communications, Inc. – basic and diluted	$	799,653
Denominator:
Weighted average common shares - basic		494,749	*
Effect of dilutive securities:
Stock options and restricted stock		1,639	*
Weighted average common shares - diluted		496,388	*
Net income (loss) per basic common share:
Income (loss) before discontinued operations	$	.32	*
Income (loss) from discontinued operations, net		1.29
Basic	$	1.61
Net income (loss) per diluted common share:
Income (loss) before discontinued operations	$	.32	*
Income (loss) from discontinued operations, net		1.29
Diluted	$	1.61

* Reflects implementation of Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. See Note 1 to the unaudited financial statements of Clear Channel Capital I, LLC for additional information.