EXHIBIT 11 — COMPUTATION OF EARNINGS PER SHARE

				Period from			Period from					Period from			Period from
				July 31			July 1		Nine Months			July 31			January 1
	Three Months			through			through July		Ended			through			through July
	Ended			September 30			30,		September			September 30,			30,
	September 30,			2008			2008		30,			2008			2008
	2009			Post-merger			Pre-Merger		2009			Post-merger			Pre-Merger
(In thousands, except per share data)	Post-merger			As adjusted*			As adjusted*		Post-merger			As adjusted*			As adjusted*
Basic and diluted Numerator:
Income (loss) before discontinued operations attributable to the Company — Common Shares	$	(89,855	)	$	(43,719	)	$	391,373	$	(4,181,476	)	$	(43,719	)	$	(42,397	)
Preferential distribution		(1,221	)		—			—		(1,221	)		—			—
Income before discontinued operations attributable to the Company — Unvested Shares		—			—			4,916		—			—			—
Income (loss) before discontinued operations attributable to the Company		(91,076	)		(43,719	)		396,289		(4,182,697	)		(43,719	)		(42,397	)
Income (loss) from discontinued operations, net		—			(1,013	)		640,236		—			(1,013	)		(3,058	)
Net income (loss) attributable to the Company — basic and diluted	$	(91,076	)	$	(44,732	)	$	1,036,525	$	(4,182,697	)	$	(44,732	)	$	(45,455	)
Denominator:
Weighted average common shares — basic		81,427			81,242			495,044		81,252			81,242			495,465
Effect of dilutive securities:
Stock options and restricted stock		—			—			1,475		—			—			340
Weighted average common shares — diluted		81,427			81,242			496,519		81,252			81,242			495,805
Net income (loss) per basic common share:
Income (loss) before discontinued operations	$	(1.12	)	$	(.54	)	$	.80	$	(51.48	)	$	(.54	)	$	(.09	)
Income (loss) from discontinued operations, net		—			(.01	)		1.29		—			(.01	)		(.00	)
Basic	$	(1.12	)	$	(.55	)	$	2.09	$	(51.48	)	$	(.55	)	$	(.09	)
Net income (loss) per diluted common share:
Income (loss) before discontinued operations	$	(1.12	)	$	(.54	)	$	.80	$	(51.48	)	$	(.54	)	$	(.09	)
Income (loss) from discontinued operations, net		—			(.01	)		1.29		—			(.01	)		(.00	)
Diluted	$	(1.12	)	$	(.55	)	$	2.09	$	(51.48	)	$	(.55	)	$	(.09	)

* Reflects implementation of ASC 260-10-45, which requires unvested shares that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities, and therefore are included in computing earnings per share using the two-class method. See Note 1 in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information.

Equity awards of 9.2 million and 8.9 million were outstanding as of September 30, 2009 and 2008, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive. Following the merger, Clear Channel stock options and restricted stock automatically ceased to exist and are no longer outstanding.