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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Disclosure Text Block  
Earnings per Share

5. Earnings Per Share

 

Basic earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon exercise of outstanding stock options and the vesting of restricted stock units.

 

The amounts used in computing earnings per Common and Series A Common Share and the effects of potentially dilutive securities on the weighted average number of Common and Series A Common Shares are as follows:

  Three Months Ended Nine Months Ended
  September 30, September 30,
  2012 2011 2012 2011
(Dollars and shares in thousands, except per share amounts)           
Net income attributable to U.S. Cellular shareholders$ 35,451 $ 62,140 $ 150,628 $ 172,240
             
Weighted average number of shares used in basic earnings per share  84,737   84,547   84,671   84,984
Effects of dilutive securities:           
 Stock options  57   86   63   124
 Restricted stock units  358   307   356   340
Weighted average number of shares used in diluted earnings per share  85,152   84,940   85,090   85,448
             
Basic earnings per share attributable to U.S. Cellular shareholders$ 0.42 $ 0.73 $ 1.78 $ 2.03
             
Diluted earnings per share attributable to U.S. Cellular shareholders$ 0.42 $ 0.73 $ 1.77 $2.02

Certain Common Shares issuable upon the exercise of stock options or vesting of restricted stock units were not included in average diluted shares outstanding for the calculation of Diluted earnings per share because their effects were antidilutive. The number of such Common Shares excluded is shown in the table below.

 Three Months Ended Nine Months Ended
  September 30, September 30,
  2012 2011 2012 2011
(Shares in thousands)       
Stock options 2,565  1,605  2,426  1,357
         
Restricted stock units -  1  283  193