**Exhibit 11**

**BellSouth Corporation**

**Computation of Earnings Per Share**

**(Dollars in Millions)**

                
|                                                                                              | For the Three Months Ended

September 30, | For the Nine  

Months Ended

September 30, |
|---------------------------------------------------------------------------------------------------|-------------------------------------------|--------------------------------------------------|
|                                                                                              | 2004                                      | 2005                                             | 2004 | 2005 |
|                                                                                              |                                      |                                             |   |   |
| **EARNINGS PER SHARE – BASIC:**                                                              |                                      |                                             |   |   |
|                                                                                              |                                      |                                             |   |   |
| Income From Continuing Operations                                                                 | $   852                                   | $   817                                          | $  2,941 | $  2,295 |
|                                                                                              |                                      |                                             |   |   |
| Discontinued Operations, net of tax                                                               | (53)                                      | —                                           | 453 | 381 |
|                                                                                              |                                      |                                             |   |   |
| Net Income                                                                                        | $  799                                    | $  817                                           | $  3,394 | $  2,676 |
|                                                                                              |                                      |                                             |   |   |
| Weighted Average Shares Outstanding                                                               | 1,831                                     | 1,831                                            | 1,832 | 1,831 |
|                                                                                              |                                      |                                             |   |   |
| Earnings Per Common Share From Continuing Operations                                              | $  0.47                                   | $  0.45                                          | $ 1.61 | $ 1.25 |
|                                                                                              |                                      |                                             |   |   |
| Discontinued Operations                                                                           | (0.03)                                    | —                                           | 0.25 | 0.21 |
|                                                                                              |                                      |                                             |   |   |
| Earnings Per Share                                                                                | $ 0.44                                    | $ 0.45                                           | $ 1.85 | $ 1.46 |
|                                                                                              |                                      |                                             |   |   |
|                                                                                              |                                      |                                             |   |   |
| **EARNINGS PER SHARE – DILUTED:**                                                            |                                      |                                             |   |   |
|                                                                                              |                                      |                                             |   |   |
| Income From Continuing Operations                                                                 | $   852                                   | $   817                                          | $  2,941 | $  2,295 |
|                                                                                              |                                      |                                             |   |   |
| Discontinued Operations, net of tax                                                               | (53)                                      | —                                           | 453 | 381 |
|                                                                                              |                                      |                                             |   |   |
| Net Income                                                                                        | $  799                                    | $  817                                           | $  3,394 | $  2,676 |
|                                                                                              |                                      |                                             |   |   |
| Weighted Average Shares Outstanding                                                               | 1,831                                     | 1,831                                            | 1,832 | 1,831 |
|                                                                                              |                                      |                                             |   |   |
| Incremental shares from assumed exercise of stock options and payment of performance share awards | 4                                         | 5                                                | 4 | 4 |
|                                                                                              |                                      |                                             |   |   |
| Diluted Shares Outstanding                                                                        | 1,835                                     | 1,836                                            | 1,836 | 1,835 |
|                                                                                              |                                      |                                             |   |   |
| Earnings Per Common Share From Continuing Operations                                              | $ 0.46                                    | $ 0.44                                           | $  1.60 | $  1.25 |
|                                                                                              |                                      |                                             |   |   |
| Discontinued Operations                                                                           | (0.03)                                    | —                                           | 0.25 | 0.21 |
|                                                                                              |                                      |                                             |   |   |
| Earnings Per Share*                                                                               | $ 0.44                                    | $ 0.44                                           | $  1.85 | $  1.46 |

 

*Earnings Per Share does not sum due to rounding.