EXHIBIT 11
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
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Three months Nine months
ended September 30, ended September 30,
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2000 1999 2000 1999
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(Dollars, except per share amounts,
and shares expressed in thousands)
<S> <C> <C> <C> <C>
Income (Numerator):
Net income $ 67,224 64,529 174,353 179,096
Dividends applicable to preferred stock (100) (100) (299) (304)
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Net income applicable to common stock 67,124 64,429 174,054 178,792
Dividends applicable to preferred stock 100 100 299 304
Interest on convertible securities, net
of taxes 33 63 99 189
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Net income as adjusted for purposes of
computing diluted earnings per share $ 67,257 64,592 174,452 179,285
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Shares (Denominator):
Weighted average number of shares:
Outstanding during period 140,587 139,546 140,374 139,148
Employee Stock Ownership Plan
shares not committed to
be released (367) (461) (385) (480)
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Number of shares for computing basic
earnings per share 140,220 139,085 139,989 138,668
Incremental common shares attributable
to additional dilutive effect of
convertible securities 1,628 2,419 1,780 2,663
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Number of shares as adjusted for
purposes of computing diluted
earnings per share 141,848 141,504 141,769 141,331
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Basic earnings per share $ .48 .46 1.24 1.29
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Diluted earnings per share $ .47 .46 1.23 1.27
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