<PAGE>
EXHIBIT 11.1
McLEODUSA INCORPORATED
COMPUTATION OF LOSS PER COMMON SHARE
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 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)..................................... 575.5 446.7 472.8 382.1
Common shares, Class B, outstanding at the
beginning of the period (B)..................................... --- --- --- ---
Weighted average number of shares issued
during the period (A)........................................... 3.1 2.7 56.3 41.1
------- ------ ------- -------
Weighted average number of common shares......................... 578.6 449.4 529.1 423.2
======= ====== ======= =======
Net loss......................................................... $(139.3) $(61.4) $(211.4) $(108.9)
======= ====== ======= =======
Loss per common share............................................ $ (0.24) $(0.14) $ (0.40) $ (0.26)
======= ====== ======= =======
</TABLE>
(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 March 31, 2000, all shares of Class B common stock have been
converted into shares of Class A common stock.
