| Exhibit                  11                                           |   |
|-----------------------------------------------------------------------|--------|
| ALLTEL                  CORPORATION                                   |   |
| STATEMENT                  RE: COMPUTATION OF PER SHARE EARNINGS      |   |
| (Millions,                  except per share amounts)                 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   | For                  the years ended December 31, |   |
|                                                                  |   | 2005 |   | 2004 |   | 2003 |   | 2002 |   | 2001 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Income                  from continuing operations                    |   | $ | 1,308.5 |   | $ | 1,026.7 |   | $ | 953.5 |   | $ | 850.1 |   | $ | 978.0 |   |
| Income                  from discontinued operations                  |   |   | 30.3 |   |   | 19.5 |   |   | 361.0 |   |   | 74.2 |   |   | 69.5 |   |
| Cumulative                  effect of accounting change               |   |   | (7.4 | ) |   | - |   |   | 15.6 |   |   | - |   |   | 19.5 |   |
| Less:                  preferred dividends                            |   |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |   | (0.1 | ) |
| Net                  income applicable to common shares               |   |   | 1,331.3 |   |   | 1,046.1 |   |   | 1,330.0 |   |   | 924.2 |   |   | 1,066.9 |   |
| 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 preferred stock                        |   | $ | 1,331.4 |   | $ | 1,046.2 |   | $ | 1,330.1 |   | $ | 924.3 |   | $ | 1,067.0 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                  average common shares outstanding           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for                  the year                                         |   |   | 340.8 |   |   | 307.3 |   |   | 311.8 |   |   | 311.0 |   |   | 311.4 |   |
| Increase                  in shares that would result from:           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercise                  of stock options                            |   |   | 1.5 |   |   | 0.8 |   |   | 0.7 |   |   | 1.0 |   |   | 1.8 |   |
| Conversion                  of convertible notes                      |   |   | 1.5 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Conversion                  of preferred stocks                       |   |   | 0.2 |   |   | 0.3 |   |   | 0.3 |   |   | 0.3 |   |   | 0.3 |   |
| Non-vested                  restricted stock awards                   |   |   | 0.1 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Weighted                  average common shares outstanding,          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| assuming                  conversion of above securities              |   |   | 344.1 |   |   | 308.4 |   |   | 312.8 |   |   | 312.3 |   |   | 313.5 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                  earnings per share:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  from continuing operations                    |   |   | $3.84 |   |   | $3.34 |   |   | $3.06 |   |   | $2.73 |   |   | $3.14 |   |
| Income                  from discontinued operations                  |   |   | 0.09 |   |   | 0.06 |   |   | 1.16 |   |   | 0.24 |   |   | 0.22 |   |
| Cumulative                  effect of accounting change               |   |   | (0.02 | ) |   | -  |   |   | 0.05 |   |   | -  |   |   | .06 |   |
| Net                  income                                           |   |   | $3.91 |   |   | $3.40 |   |   | $4.27 |   |   | $2.97 |   |   | $3.42 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                  earnings per share:                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  from continuing operations                    |   |   | $3.80 |   |   | $3.33 |   |   | $3.05 |   |   | $2.72 |   |   | $3.12 |   |
| Income                  from discontinued operations                  |   |   | 0.09 |   |   | 0.06 |   |   | 1.15 |   |   | 0.24 |   |   | 0.22 |   |
| Cumulative                  effect of accounting change               |   |   | (0.02 | ) |   | -  |   |   | 0.05 |   |   | -  |   |   | .06 |   |
| Net                  income                                           |   |   | $3.87 |   |   | $3.39 |   |   | $4.25 |   |   | $2.96 |   |   | $3.40 |   |