##### 



Exhibit 11

CT COMMUNICATIONS, INC.
AND SUBSIDIARIES

Computation of Earnings Per Share
(in thousands, except share and per share data)

|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |       |  
|----------------------------------------------------------------- | --------------------------------- | - | ------------------ | ---- | ----------------- | - | ---------- | ----- | ---- | - | ---------- | ----- | ---------- | - | ---------- | ----- | -
|                                                                  |                                   |   | Three months ended |      | Nine months ended
|                                                                  |                                   |   | September 30,      |      | September 30,    
|                                                                  |                                   |   |                    |      |                   |   | (Restated) |       |      |   |            |       | (Restated)
|                                                                  |                                   |   | 2003               |      | 2002              |   | 2003       |       | 2002
|                                                                  |                                   |   |                    |      |                   |   |            |       |     
|Computation of share totals used in
computing earnings per share: |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Basic weighted average number of
shares outstanding (a)           |                                   |   | 18,764,576         |      |                   |   | 18,670,834 |       |      |   | 18,740,288 |       |            |   | 18,721,329 |      
|Incremental shares arising from
outstanding stock options         |                                   |   | 87,960             |      |                   |   | 41,843     |       |      |   | 51,204     |       |            |   | 43,373     |      
|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Total weighted average number of
diluted shares outstanding (b)   |                                   |   | 18,852,536         |      |                   |   | 18,712,677 |       |      |   | 18,791,492 |       |            |   | 18,762,702 |      
|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Income from continuing operations (c)                             |                                   |   | 3,149              |      |                   |   | 2,898      |       |      |   | 16,413     |       |            |   | 10,000     |      
|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Loss from discontinued operations (d)                             |                                   |   |                   |      |                   |   | (3,416     | )     |      |   | (424       | )     |            |   | (5,104     | )    
|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Earnings (loss) for common stock (e)                              |                                   | $ | 3,144              |      |                   | $ | (523       | )     |      | $ | 15,974     |       |            | $ | 4,881      |      
|                                                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|Basic earnings (loss) per share:                                  |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|                                                                  | Continuing operations (c)/(a)     |   | $                  | 0.17 |                   |   | $          | 0.16  |      |   | $          | 0.88  |            |   | $          | 0.53  |  
|                                                                  | Discontinued operations (d)/(a)   |   |                    |     |                   |   |            | (0.18 | )    |   |            | (0.02 | )          |   |            | (0.27 | )
|                                                                  | Earnings (loss) per share (e)/(a) |   |                    | 0.17 |                   |   |            | (0.03 | )    |   |            | 0.85  |            |   |            | 0.26  |  
|Diluted earnings (loss) per share:                                |                                   |   |                    |      |                   |   |            |       |      |   |            |       |            |   |            |      
|                                                                  | Continuing operations (c)/(b)     |   |                    | 0.17 |                   |   |            | 0.15  |      |   |            | 0.87  |            |   |            | 0.53  |  
|                                                                  | Discontinued operations (d)/(b)   |   |                    |     |                   |   |            | (0.18 | )    |   |            | (0.02 | )          |   |            | (0.27 | )
|                                                                  | Earnings (loss) per share (e)/(b) |   |                    | 0.17 |                   |   |            | (0.03 | )    |   |            | 0.85  |            |   |            | 0.26  |