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EXHIBIT 11.1
McLEODUSA INCORPORATED
COMPUTATION OF LOSS PER COMMON SHARE
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA)
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<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- --------------------
2000 1999 2000 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
Computation of weighted average number of
common shares outstanding:
Common shares, Class A, outstanding at the
beginning of the period (A).............................. 581.6 451.2 472.8 382.1
Common shares, Class B, outstanding at the
beginning of the period (B).............................. --- --- --- ---
Weighted average number of shares issued
during the period (A).................................... 1.7 6.8 74.5 52.8
-------- ------- -------- --------
Weighted average number of common shares................... 583.3 458.0 547.3 434.9
======== ======= ======== ========
Net loss before extraordinary charge....................... $ (127.7) $ (58.4) $ (311.9) $ (167.3)
Extraordinary charge for early retirement of debt.......... (24.5) --- (24.5) ---
-------- ------- -------- --------
Net loss................................................... (152.2) (58.4) (336.4) (167.3)
Preferred stock dividend................................... (13.6) (4.1) (40.8) (4.1)
-------- ------- -------- --------
Net loss applicable to common shares....................... $ (165.8) $ (62.5) $ (377.2) $ (171.4)
======== ======= ======== ========
Loss per common share:
Loss before extraordinary charge........................... $ (0.24) $ (0.14) $ (0.65) $ (0.39)
Extraordinary charge....................................... (0.04) --- (0.04) ---
-------- ------- -------- --------
Loss per common share...................................... $ (0.28) $ (0.14) $ (0.69) $ (0.39)
======== ======= ======== ========
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(A) All shares have been adjusted to give effect to the three-for-one stock
split effected in the form of a stock dividend effective April 24, 2000.
(B) The Class B common stock, $.01 par value per share is convertible on a one-
for-one basis at any time at the option of the holder into Class A common
stock. As of September 30, 2000, all shares of Class B common stock have
been converted into shares of Class A common stock.
