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                                                                    EXHIBIT 11.2


                            ALLEGIANCE TELECOM, INC.
                    COMPUTATION OF PER SHARE EARNINGS (LOSS)
                      NINE MONTHS ENDED SEPTEMBER 30, 2000
                (Dollars in thousands, except per share amounts)



<TABLE>
<CAPTION>
                                                                          Number of         Percent
                                                                           Shares         outstanding    Equivalent Shares
                                                                         ----------       -----------    ------------------
<S>                                                                      <C>              <C>            <C>
Prior to Initial Pubic Offering
     1997 Common Stock Offering                                                 639            100.00%                    639

After Initial Public Offering
     1998 Common Stock Offering                                          15,000,000            100.00%             15,000,000
     Preferred Stock Converted to Common Stock                           60,511,692            100.00%             60,511,692
     1999 Common Stock Offering                                          21,041,100            100.00%             21,041,100
     2000 Common Stock Offering                                          10,703,109             87.58%              9,373,972
     Treasury Shares                                                       (327,495)            84.51%               (276,775)
     Warrants Exercised                                                     741,138             83.67%                620,077
     Stock Options Exercised                                                825,659             63.85%                527,188
     Cash in Lieu of Stock Split                                               (577)            78.51%                   (453)
     Employee Stock Discount Purchase Plan Shares Issued                    217,830             89.25%                194,418
     Common Stock Offering Issued for Business Acquisitions                 393,482             39.51%                155,461
                                                                                                             ----------------
WEIGHTED AVERAGE SHARES OUTSTANDING                                                                               107,147,319

NET LOSS APPLICABLE TO COMMON STOCK                                                                          $   (191,332,000)

NET LOSS PER SHARE, BASIC AND DILUTED                                                                        $          (1.79)
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</TABLE>



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