| ALLTEL                CORPORATION                                   |   |
|---------------------------------------------------------------------|--------|
| Exhibit                11                                           |   |
| STATEMENT                RE: COMPUTATION OF PER SHARE EARNINGS      |   |
| (Millions,                except per share amounts)                 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   | For                the years ended December 31, |   |
|                                                                |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   | 2002 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations                    |   | $ | 823.7 |   | $ | 735.5 |   | $ | 412.1 |   | $ | 343.9 |   | $ | 340.3 |   |
| Income                from discontinued operations                  |   |   | 305.7 |   |   | 603.3 |   |   | 634.1 |   |   | 970.6 |   |   | 584.0 |   |
| Cumulative                effect of accounting change               |   |   | - |   |   | (7.4 | ) |   | - |   |   | 15.6 |   |   | - |   |
| Less:                preferred dividends                            |   |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |
| Net                income applicable to common shares               |   |   | 1,129.3 |   |   | 1,331.3 |   |   | 1,046.1 |   |   | 1,330.0 |   |   | 924.2 |   |
| Adjustment                for interest expense on convertible       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| notes,                net of tax                                    |   |   | 0.4 |   |   | 1.4 |   |   | - |   |   | - |   |   | - |   |
| Adjustment                for convertible preferred stock dividends |   |   | 0.1 |   |   | 0.1 |   |   | 0.1 |   |   | 0.1 |   |   | 0.1 |   |
| Net                income applicable to common shares assuming      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| conversion                of above securities                       |   | $ | 1,129.8 |   | $ | 1,332.8 |   | $ | 1,046.2 |   | $ | 1,330.1 |   | $ | 924.3 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average common shares outstanding           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for                the year                                         |   |   | 382.7 |   |   | 340.8 |   |   | 307.3 |   |   | 311.8 |   |   | 311.0 |   |
| Increase                in shares that would result from:           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercise                of stock options                            |   |   | 1.3 |   |   | 1.5 |   |   | 0.8 |   |   | 0.7 |   |   | 1.0 |   |
| Conversion                of convertible notes                      |   |   | 0.7 |   |   | 1.5 |   |   | - |   |   | - |   |   | - |   |
| Conversion                of preferred stocks                       |   |   | 0.2 |   |   | 0.2 |   |   | 0.3 |   |   | 0.3 |   |   | 0.3 |   |
| Non-vested                restricted stock awards                   |   |   | 0.1 |   |   | 0.1 |   |   | - |   |   | - |   |   | - |   |
| Weighted                average common shares outstanding,          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| assuming                conversion of above securities              |   |   | 385.0 |   |   | 344.1 |   |   | 308.4 |   |   | 312.8 |   |   | 312.3 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                earnings per share:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations                    |   |   | $2.15 |   |   | $2.16 |   |   | $1.34 |   |   | $1.10 |   |   | $1.09 |   |
| Income                from discontinued operations                  |   |   | .80 |   |   | 1.77 |   |   | 2.06 |   |   | 3.12 |   |   | 1.88 |   |
| Cumulative                effect of accounting change               |   |   | - |   |   | (.02 | ) |   | - |   |   | .05 |   |   | - |   |
|                    Net income                        |   |   | $2.95 |   |   | $3.91 |   |   | $3.40 |   |   | $4.27 |   |   | $2.97 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                earnings per share:                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations                    |   |   | $2.14 |   |   | $2.14 |   |   | $1.34 |   |   | $1.10 |   |   | $1.09 |   |
| Income                from discontinued operations                  |   |   | .79 |   |   | 1.75 |   |   | 2.05 |   |   | 3.10 |   |   | 1.87 |   |
| Cumulative                effect of accounting change               |   |   | - |   |   | (.02 | ) |   | - |   |   | .05 |   |   | - |   |
| Net                income                                           |   |   | $2.93 |   |   | $3.87 |   |   | $3.39 |   |   | $4.25 |   |   | $2.96 |   |