**Exhibit11**

 

**ALLTEL CORPORATION**

**STATEMENT RE:  COMPUTATION OF PER SHARE EARNINGS**

**(Millions, except per share amounts)**

** **

** **
| For the years ended  December 31,                                                    |   | 2003    |    | 2002   |   | 2001    |   | 2000    |    | 1999   |   |
|--------------------------------------------------------------------------------------|--------|---------|---------|--------|--------|---------|--------|---------|---------|--------|--------|
| Income from  continuing operations                                                   |   | $       | 953.5   |   | $      | 850.1   |   | $       | 978.0   |   | $      | 1,882.7 |   | $ | 699.7 |   |
| Income from  discontinued operations                                                 |   | 361.0   |    | 74.2   |   | 69.5    |   | 82.7    |    | 83.9   |   |
| Cumulative  effect of accounting change                                              |   | 15.6    |    | — |   | 19.5    |   | (36.6   | )       | — |   |
| Less: preferred  stock dividends                                                     |   | (0.1    | )       | (0.1   | )      | (0.1    | )      | (0.1    | )       | (0.9   | )      |
| Net income  applicable to common shares                                              |   | 1,330.0 |    | 924.2  |   | 1,066.9 |   | 1,928.7 |    | 782.7  |   |
| Adjustment for  convertible preferred stock dividends                                |   | 0.1     |    | 0.1    |   | 0.1     |   | 0.1     |    | 0.2    |   |
| Net income  applicable to common shares assuming conversion of preferred stock       |   | $       | 1,330.1 |   | $      | 924.3   |   | $       | 1,067.0 |   | $      | 1,928.8 |   | $ | 782.9 |   |
| Weighted average  common shares outstanding for the year                             |   | 311.8   |    | 311.0  |   | 311.4   |   | 314.4   |    | 312.8  |   |
| Increase in  shares, which would result from the assumed conversion of:              |   |    |    |   |   |    |   |    |    |   |   |
| Exercise of  stock options                                                           |   | 0.7     |    | 1.0    |   | 1.8     |   | 2.4     |    | 3.6    |   |
| Conversion of  convertible preferred stock                                           |   | 0.3     |    | 0.3    |   | 0.3     |   | 0.4     |    | 0.4    |   |
| Weighted average  common shares outstanding, assuming conversion of above securities |   | 312.8   |    | 312.3  |   | 313.5   |   | 317.2   |    | 316.8  |   |
| Basic earnings  per share:                                                           |   |    |    |   |   |    |   |    |    |   |   |
| Income from  continuing operations                                                   |   | $       | 3.06    |   | $      | 2.73    |   | $       | 3.14    |   | $      | 5.99 |   | $ | 2.23 |   |
| Income from  discontinued operations                                                 |   | 1.16    |    | .24    |   | .22     |   | .26     |    | .27    |   |
| Cumulative  effect of accounting change                                              |   | .05     |    | — |   | .06     |   | (.12    | )       | — |   |
| Net income                                                                           |   | $       | 4.27    |   | $      | 2.97    |   | $       | 3.42    |   | $      | 6.13 |   | $ | 2.50 |   |
| Diluted earnings  per share:                                                         |   |    |    |   |   |    |   |    |    |   |   |
| Income from  continuing operations                                                   |   | $       | 3.05    |   | $      | 2.72    |   | $       | 3.12    |   | $      | 5.94 |   | $ | 2.21 |   |
| Income from  discontinued operations                                                 |   | 1.15    |    | .24    |   | .22     |   | .26     |    | .26    |   |
| Cumulative  effect of accounting change                                              |   | .05     |    | — |   | .06     |   | (.12    | )       | — |   |
| Net income                                                                           |   | $       | 4.25    |   | $      | 2.96    |   | $       | 3.40    |   | $      | 6.08 |   | $ | 2.47 |   |

 

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