EXHIBIT 11  COMPUTATION OF EARNINGS PER SHARE



|                                                                                                                  |  |                                           |         |  
|----------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------- | ------- | -
|(In thousands, except per share data)                                                                             |  | Three MonthsEnded March 31,2008Pre-merger |        
|Basic and diluted Numerator:                                                                                      |  |                                           |         |  
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.  Common Shares   |  | $                                         | 160,370 | *
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.  Unvested Shares |  |                                           | 1,021   | *
|                                                                                                                  |  |                                           |         |  
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.                   |  |                                           | 161,391 |  
|                                                                                                                  |  |                                           |         |  
|Income (loss) from discontinued operations, net                                                                   |  |                                           | 638,262 |  
|                                                                                                                  |  |                                           |         |  
|Net income (loss) attributable to Clear Channel Communications, Inc.  basic and diluted                          |  | $                                         | 799,653 |  
|                                                                                                                  |  |                                           |         |  
|                                                                                                                  | 
|Denominator:                                                                                                      |  |                                           |         |  
|Weighted average common shares - basic                                                                            |  |                                           | 494,749 | *
|Effect of dilutive securities:                                                                                    |  |                                           |         |  
|Stock options and restricted stock                                                                                |  |                                           | 1,639   | *
|                                                                                                                  |  |                                           |         |  
|Weighted average common shares - diluted                                                                          |  |                                           | 496,388 | *
|                                                                                                                  | 
|Net income (loss) per basic common share:                                                                         |  |                                           |         |  
|Income (loss) before discontinued operations                                                                      |  | $                                         | .32     | *
|                                                                                                                  | 
|Income (loss) from discontinued operations, net                                                                   |  |                                           | 1.29    |  
|                                                                                                                  |  |                                           |         |  
|Basic                                                                                                             |  | $                                         | 1.61    |  
|                                                                                                                  |  |                                           |         |  
|Net income (loss) per diluted common share:                                                                       |  |                                           |         |  
|Income (loss) before discontinued operations                                                                      |  | $                                         | .32     | *
|Income (loss) from discontinued operations, net                                                                   |  |                                           | 1.29    |  
|                                                                                                                  |  |                                           |         |  
|Diluted                                                                                                           |  | $                                         | 1.61    |  
|                                                                                                                  |  |                                           |         |  



|* | Reflects implementation of Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-Based Payment
Transactions Are Participating Securities. See Note 1 to the unaudited financial statements of Clear Channel Capital I, LLC for additional information.
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