EXHIBIT 11
CENTURYTEL, INC.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
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Three months Six months
ended June 30, ended June 30,
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2000 1999 2000 1999
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(Dollars, except per share amounts,
and shares in thousands)
<S> <C> <C> <C> <C>
Income (Numerator):
Net income $ 57,845 53,462 107,129 114,567
Dividends applicable to preferred stock (99) (102) (199) (204)
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Net income applicable to common stock 57,746 53,360 106,930 114,363
Dividends applicable to preferred stock 99 102 199 204
Interest on convertible securities, net of taxes 33 63 66 126
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Net income as adjusted for purposes of computing
diluted earnings per share $ 57,878 53,525 107,195 114,693
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 140,370 139,321 140,269 138,944
Employee Stock Ownership Plan shares not
committed to be released (375) (469) (395) (489)
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Number of shares for computing basic
earnings per share 139,995 138,852 139,874 138,455
Incremental common shares attributable to
dilutive securities:
Conversion of convertible securities 707 1,019 707 1,019
Shares issuable under stock option plan 1,030 1,590 1,148 1,771
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Number of shares as adjusted for purposes of
Computing diluted earnings per share 141,732 141,461 141,729 141,245
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Basic earnings per share $ .41 .38 .76 .83
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Diluted earnings per share $ .41 .38 .76 .81
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