Exhibit 11
ALLTEL CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Millions, except per share amounts)

For the years ended December 31,2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Income from continuing operations
    
    $
    1,026.7
    
    
    $
    953.5
    
    
    $
    850.1
    
    
    $
    978.0
    
    
    $
    1,882.7Income from discontinued operations
    
    
    19.5
    
    
    
    361.0
    
    
    
    74.2
    
    
    
    69.5
    
    
    
    82.7Cumulative effect of accounting change
    
    
    
    
    
    
    15.6
    
    
    
    
    
    
    
    19.5
    
    
    
    (36.6
    )Less: preferred dividends
    
    
    (0.1
    )
    
    
    (0.1
    )
    
    
    (0.1
    )
    
    
    (0.1
    )
    
    
    (0.1
    )Net income applicable to common shares
    
    
    1,046.1
    
    
    
    1,330.0
    
    
    
    924.2
    
    
    
    1,066.9
    
    
    
    1,928.7Adjustment for convertible preferred stock dividends
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.1Net income apllicable to common shares assuming
conversion of preferred stock
    
    $
    1,046.2
    
    
    $
    1,330.1
    
    
    $
    924.3
    
    
    $
    1,067.0
    
    
    $
    1,928.8Weighted average common shares outstanding
for the year
    
    
    307.3
    
    
    
    311.8
    
    
    
    311.0
    
    
    
    311.4
    
    
    
    314.4Increase in shares that would result from:Exercise of stock options
    
    
    0.8
    
    
    
    0.7
    
    
    
    1.0
    
    
    
    1.8
    
    
    
    2.4Conversion of preferred stocks
    
    
    0.3
    
    
    
    0.3
    
    
    
    0.3
    
    
    
    0.3
    
    
    
    0.4Weighted average common shares outstanding,
assuming conversion of above securities
    
    
    308.4
    
    
    
    312.8
    
    
    
    312.3
    
    
    
    313.5
    
    
    
    317.2Basic earnings per share:Income from continuing operations
    
    $
    3.34
    
    
    $
    3.06
    
    
    $
    2.73
    
    
    $
    3.14
    
    
    $
    5.99Income from discontinued operations
    
    
    0.06
    
    
    
    1.16
    
    
    
    0.24
    
    
    
    0.22
    
    
    
    0.26Cumulative effect of accounting change
    
    
    
    
    
    
    .05
    
    
    
    
    
    
    
    .06
    
    
    
    (.12
    )Net income
    
    $
    3.40
    
    
    $
    4.27
    
    
    $
    2.97
    
    
    $
    3.42
    
    
    $
    6.13Diluted earnings per share:Income from continuing operations
    
    $
    3.33
    
    
    $
    3.05
    
    
    $
    2.72
    
    
    $
    3.12
    
    
    $
    5.94Income from discontinued operations
    
    
    0.06
    
    
    
    1.15
    
    
    
    0.24
    
    
    
    0.22
    
    
    
    0.26Cumulative effect of accounting change
    
    
    
    
    
    
    .05
    
    
    
    
    
    
    
    .06
    
    
    
    (.12
    )Net income
    
    $
    3.39
    
    
    $
    4.25
    
    
    $
    2.96
    
    
    $
    3.40
    
    
    $
    6.08