Exhibit 11

CenturyLink, Inc.

COMPUTATIONS OF EARNINGS PER SHARE

(UNAUDITED)

	Three months
	ended March 31,
	2011			2010
	(Dollars, except per share amounts, and shares in thousands)
Income (Numerator):
Net income attributable to CenturyLink, Inc.	$	211,095			252,601
Dividends applicable to preferred stock		(3	)		(3	)
Earnings applicable to unvested restricted stock awards		(1,389	)		(1,138	)
Net income as adjusted for purposes of computing basic earnings per share		209,703			251,460
Dividends applicable to preferred stock		3			3
Net income as adjusted for purposes of computing diluted earnings per share	$	209,706			251,463
Shares (Denominator):
Weighted average number of shares:
Outstanding during period		305,384			299,547
Unvested restricted stock		(2,009	)		(1,349	)
Unvested restricted stock units		457			1,215
Weighted average number of shares outstanding during period for computing basic earnings per share		303,832			299,413
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		13			13
Shares issuable under incentive compensation plans		634			571
Number of shares as adjusted for purposes of computing diluted earnings per share		304,479			299,997
Basic earnings per share	$	.69			.84
Diluted earnings per share	$	.69			.84