EX-11 2 exh11.htm EXHIBIT 11 exh11.htm
Exhibit 11
 
CenturyTel, Inc.
COMPUTATIONS OF EARNINGS PER SHARE
(UNAUDITED)
 
 
     
Three months
      
Nine months
  
     
ended September 30,
      
ended September 30,
  
     
2009
     2008*         2009       2008*  
     
(Dollars, except per share amounts, and shares in thousands)
  
                                 
                                 
Income (Numerator):
                              
     Net income before extraordinary item
   $ 147,635     84,733         283,819       265,660  
     Extraordinary item, net of income tax expense and noncontrolling interests
     133,213     -         133,213       -  
Net income attributable to CenturyTel, Inc.
     280,848     84,733         417,032       265,660  
Dividends applicable to preferred stock
     (3 )   (3 )       (9 )     (152 )
Earnings applicable to unvested restricted stock:
                                
     Income before extraordinary item
     (690 )   (1,075 )       (2,395 )     (2,970 )
     Extraordinary item
     (622 )   -         (1,124 )     -  
 
                                  
Net income as adjusted for purposes of computing basic earnings per share
     279,533     83,655         413,504       262,538  
Dividends applicable to preferred stock
     3     3         9       152  
 
                                  
Net income as adjusted for purposes of computing diluted earnings per share
   $ 279,536     83,658         413,513       262,690  
                                   
Shares (Denominator):
                                
Weighted average number of shares:
                                
 
Outstanding during period
     297,331     101,692         166,230       104,565  
 
Nonvested restricted stock
     (1,390 )   (1,290 )       (1,403 )     (1,169 )
 
Nonvested restricted stock units
     2,192     -         731       -  
                                   
Weighted average number of shares outstanding during period for computing basic earnings per share
     298,133     100,402         165,558       103,396  
                                   
Incremental common shares attributable to dilutive securities:
                                
 
Shares issuable under convertible securities
     13     13         13       221  
 
Shares issuable under incentive compensation plans
     257     232         95       157  
                                   
 Number of shares as adjusted for purposes of computing diluted earnings per share
     298,403     100,647         165,666       103,774  
                                   
 
                                  
Basic earnings per share
                                
 
Income before extraordinary item
    $  .49    
.83
  
 
     1.70       2.54  
 
Extraordinary item
    $  .44     -  
 
     .80       -  
 
Basic earnings per share
    $  .94     .83  
 
     2.50       2.54  
                                   
Diluted earnings per share
                                
 
Income before extraordinary item
    $  .49     .83  
 
     1.70       2.53  
 
Extraordinary item
    $  .44     -  
 
     .80       -  
 
Diluted earnings per share
    $ .94     .83  
 
     2.50       2.53  
 
* The provisions of FSP EITF 03-6-1 have been retrospectively applied to the 2008 information.