Exhibit 11

CenturyTel, Inc.

COMPUTATIONS OF EARNINGS PER SHARE

(UNAUDITED)

	Three months ended June 30,					Six months ended June 30,
	2009			2008*		2009			2008*
	(Dollars, except per share amounts, and shares in thousands)
Income (Numerator):
Net income attributable to CenturyTel, Inc.	$	69,030		92,167			136,184		180,927
Dividends applicable to preferred stock		(3	)	(62	)		(6	)	(149	)
Earnings applicable to unvested restricted stock		(1,038	)	(1,092	)		(1,906	)	(1,892	)
Net income applicable to common stock for computing basic earnings per share		67,989		91,013			134,272		178,886
Dividends applicable to preferred stock		3		62			6		149
Net income as adjusted for purposes of computing diluted earnings per share	$	67,992		91,075			134,278		179,035
Shares (Denominator):
Weighted average number of shares:
Outstanding during period		100,931		104,886			100,679		106,001
Nonvested restricted stock		(1,517	)	(1,242	)		(1,409	)	(1,108	)
Weighted average number of shares outstanding during period for computing basic earnings per share		99,414		103,644			99,270		104,893
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		13		269			13		325
Shares issuable under incentive compensation plans		23		86			14		119
Number of shares as adjusted for purposes of computing diluted earnings per share		99,450		103,999			99,297		105,337
Basic earnings per share	$	.68		.88			1.35		1.71
Diluted earnings per share	$	.68		.88			1.35		1.70

*  The provisions of FSP EITF 03-6-1 have been retrospectively applied to the 2008 information.