EXHIBIT 11 – COMPUTATION OF EARNINGS PER SHARE

(In thousands, except per share data)	Three Months Ended June 30, 2008 Pre-merger			Six Months Ended June 30, 2008 Pre-merger
Basic and diluted Numerator:
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc. – Common Shares	$	275,739	*	$	436,068	*
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc. – Unvested Shares		1,556	*		2,618	*
Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.		277,295			438,686
Income (loss) from discontinued operations, net		5,032			643,294
Net income (loss) attributable to Clear Channel Communications, Inc. – basic and diluted	$	282,327		$	1,081,980
Denominator:
Weighted average common shares - basic		495,201	*		494,975	*
Effect of dilutive securities:
Stock options and restricted stock		1,686	*		1,662
Weighted average common shares - diluted		496,887	*		496,637
Net income (loss) per basic common share:
Income (loss) before discontinued operations	$	.56	*	$	.88	*
Income (loss) from discontinued operations, net		.01			1.30
Basic	$	.57		$	2.18
Net income (loss) per diluted common share:
Income (loss) before discontinued operations	$	.56	*	$	.88	*
Income (loss) from discontinued operations, net		.01			1.30
Diluted	$	.57		$	2.18

* 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 (ASC 260-10-45). See Note 1 to the unaudited financial statements of Clear Channel Capital I, LLC included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information.