**Exhibit 11**

 

ALLTEL CORPORATION

STATEMENT RE: COMPUTATION OF PER SHAREEARNINGS

(Millions, except per share amounts)

 
|                                                                                                                            |   | **For the  years ended December 31,** |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                                                                            |   | **2002**                              |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                                                                                            |   |                                  |   |   |   |   |   |   |   |   |   |
| Net income applicable to common shares  before cumulative effect of accounting change                                           |   | $                                     | 924.2  |   | $ | 1,047.4 |   | $ | 1,965.3 |   | $ | 782.7 |   | $ | 601.9 |   |
| Adjustments for convertible securities:                                                                                         |   |                                  |   |   |   |   |   |   |   |   |   |
| Preferred stocks                                                                                                                |   | 0.1                                   |   | 0.1 |   | 0.1 |   | 0.2 |   | 0.2 |   |
| Net Income apllicable to common shares  before cumulative effect of accounting change, assuming conversion of above  securities |   | $                                     | 924.3  |   | $ | 1,047.5 |   | $ | 1,965.4 |   | $ | 782.9 |   | $ | 602.1 |   |
|                                                                                                                            |   |                                  |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding  for the year                                                                        |   | 311.0                                 |   | 311.4 |   | 314.4 |   | 312.8 |   | 305.3 |   |
| Increase in shares that would result from:                                                                                      |   |                                  |   |   |   |   |   |   |   |   |   |
| Exercise of stock options                                                                                                       |   | 1.0                                   |   | 1.8 |   | 2.4 |   | 3.6 |   | 2.6 |   |
| Conversion of preferred stocks                                                                                                  |   | 0.3                                   |   | 0.3 |   | 0.4 |   | 0.4 |   | 0.5 |   |
| Weighted average common shares outstanding,  assuming conversion of above securities                                            |   | 312.3                                 |   | 313.5 |   | 317.2 |   | 316.8 |   | 308.4 |   |
|                                                                                                                            |   |                                  |   |   |   |   |   |   |   |   |   |
| Earnings per share of common stock before  cumulative effect of accounting change:                                              |   |                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                            |   |                                  |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                           |   | $                                     | 2.97   |   | $ | 3.36 |   | $ | 6.25 |   | $ | 2.50 |   | $ | 1.97 |   |
| Diluted                                                                                                                         |   | $                                     | 2.96   |   | $ | 3.34 |   | $ | 6.20 |   | $ | 2.47 |   | $ | 1.95 |   |

 

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