##### 

EXHIBIT 11

COMPUTATION OF EARNINGS PER SHARE

BELLSOUTH CORPORATION

|                                                                                                                                               |  |                                 |       |  |      |   |       |      |  |   |       |  |  | 
|---------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | 
|                                                                                                                                               |  | For the year ended December 31, |       |  |     
|                                                                                                                                               |  |                                 |      
|                                                                                                                                               |  | 2003                            |       |  | 2004 |   |       | 2005 |  |   |      
|                                                                                                                                               | 
|Earnings Per Share 
    Basic:                                                                                                                |  |                                 |       |  |      |   |       |      |  |   |       |  |  | 
|Income From Continuing Operations
    Before Discontinued Operations and Cumulative Effect of Changes
    in Accounting Principle              |  | $                               | 3,488 |  |      | $ | 3,394 |      |  | $ | 2,913 |  |  | 
|Discontinued Operations, net of tax                                                                                                            |  |                                 | 101   |  |      |   | 1,364 |      |  |   | 381   |  |  | 
|Cumulative Effect of Changes in
    Accounting Principle, net of tax                                                                           |  |                                 | 315   |  |      |   |      |      |  |   |      |  |  | 
|                                                                                                                                              
|Net Income                                                                                                                                     |  | $                               | 3,904 |  |      | $ | 4,758 |      |  | $ | 3,294 |  |  | 
|                                                                                                                                              
|Weighted Average Shares Outstanding                                                                                                            |  |                                 | 1,848 |  |      |   | 1,832 |      |  |   | 1,823 |  |  | 
|Earnings Per Common Share Before
    Discontinued Operations and Cumulative Effect of Changes in
    Accounting Principle                      |  | $                               | 1.89  |  |      | $ | 1.85  |      |  | $ | 1.60  |  |  | 
|Discontinued Operations, net of tax                                                                                                            |  |                                 | 0.05  |  |      |   | 0.74  |      |  |   | 0.21  |  |  | 
|Cumulative Effect of Changes in
    Accounting Principle, net of tax                                                                           |  |                                 | 0.17  |  |      |   |      |      |  |   |      |  |  | 
|                                                                                                                                              
|Earnings Per Share*                                                                                                                            |  | $                               | 2.11  |  |      | $ | 2.60  |      |  | $ | 1.81  |  |  | 
|                                                                                                                                              
|                                                                                                                                              
|Earnings Per Share 
    Diluted:                                                                                                              |  |                                 |       |  |      |   |       |      |  |   |       |  |  | 
|Income From Continuing Operations
    Before Discontinued Operations and Cumulative Effect of Changes
    in Accounting Principle              |  | $                               | 3,488 |  |      | $ | 3,394 |      |  | $ | 2,913 |  |  | 
|Discontinued Operations, net of tax                                                                                                            |  |                                 | 101   |  |      |   | 1,364 |      |  |   | 381   |  |  | 
|Cumulative Effect of Changes in
    Accounting Principle, net of tax                                                                           |  |                                 | 315   |  |      |   |      |      |  |   |      |  |  | 
|                                                                                                                                              
|Net Income                                                                                                                                     |  | $                               | 3,904 |  |      | $ | 4,758 |      |  | $ | 3,294 |  |  | 
|                                                                                                                                              
|Weighted Average Shares Outstanding                                                                                                            |  |                                 | 1,848 |  |      |   | 1,832 |      |  |   | 1,823 |  |  | 
|Incremental shares from assumed
    exercise of stock options, vesting of restricted stock awards,
    and payment of performance share awards |  |                                 | 4     |  |      |   | 4     |      |  |   | 6     |  |  | 
|                                                                                                                                              
|Diluted Shares Outstanding                                                                                                                     |  |                                 | 1,852 |  |      |   | 1,836 |      |  |   | 1,829 |  |  | 
|                                                                                                                                              
|Earnings Per Common Share Before
    Discontinued Operations and Cumulative Effect of Changes in
    Accounting Principle                      |  | $                               | 1.88  |  |      | $ | 1.85  |      |  | $ | 1.59  |  |  | 
|Discontinued Operations, net of tax                                                                                                            |  |                                 | 0.05  |  |      |   | 0.74  |      |  |   | 0.21  |  |  | 
|Cumulative Effect of Changes in
    Accounting Principle, net of tax                                                                           |  |                                 | 0.17  |  |      |   |      |      |  |   |      |  |  | 
|                                                                                                                                              
|Earnings Per Share *                                                                                                                           |  | $                               | 2.11  |  |      | $ | 2.59  |      |  | $ | 1.80  |  |  | 
|                                                                                                                                              



|  |  |                                               
|- |  | ----------------------------------------------
|* |  | Earnings per share may not sum due to rounding