Spreadsheet: 9dc07625-7ab7-44b6-ba2c-78c8be9c82b7
Sheet: Sheet1

TELEPHONE AND DATA SYSTEMS, INC. | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15 | Unnamed: 16 | Unnamed: 17 | Unnamed: 18 | Unnamed: 19 | Unnamed: 20 | Unnamed: 21 | Unnamed: 22 | Unnamed: 23 | Unnamed: 24 | Unnamed: 25 | Unnamed: 26 | Unnamed: 27 | Unnamed: 28 | Unnamed: 29 | Unnamed: 30 | Unnamed: 31 | Unnamed: 32 | Unnamed: 33 | Unnamed: 34 | Unnamed: 35 | Unnamed: 36
CONSOLIDATED STATEMENT OF OPERATIONS HIGHLIGHTS
(Unaudited, dollars and shares in thousands, except per share amounts)
 |  |  |  | Year Ended 2007 |  | Year Ended 2008 |  | Year Ended 2009 |  | Three Months |  | Three Months |  | Six Months |  | Three Months |  | Nine Months |  | Three Months |  | Year Ended 2010 |  | Three Months |  | Three Months |  | Six Months |  | Three Months |  | Nine Months |  | Three Months |  | Year Ended 2011
 |  |  |  |  |  |  |  |  |  | Ended |  | Ended |  | Ended |  | Ended |  | Ended |  | Ended |  |  |  | Ended |  | Ended |  | Ended |  | Ended |  | Ended |  | Ended
 |  |  |  |  |  |  |  |  |  | March 31, |  | June 30, |  | June 30, |  | Sept. 30, |  | Sept. 30, |  | Dec.31, |  |  |  | March 31, |  | June 30, |  | June 30, |  | Sept. 30, |  | Sept. 30, |  | Dec. 31,
 |  |  |  |  |  |  |  |  |  | 2010 |  | 2010 |  | 2010 |  | 2010 |  | 2010 |  | 2010 |  |  |  | 2011 |  | 2011 |  | 2011 |  | 2011 |  | 2011 |  | 2011
Operating Revenues
 | U.S. Cellular |  |  | 3939751 |  | 4242554 |  | 4213880 |  | 1023857 |  | 1029893 |  | 2053750 |  | 1060781 |  | 3114531 |  | 1063150 |  | 4177681 |  | 1057092 |  | 1076182 |  | 2133274 |  | 1110439 |  | 3243713 |  | 1099633 |  | 4343346
 | TDS Telecom |  |  | 860211 |  | 824282 |  | 789852 |  | 195505 |  | 199206 |  | 394711 |  | 202030 |  | 596741 |  | 199101 |  | 795842 |  | 198916 |  | 198896 |  | 397812 |  | 210806 |  | 608618 |  | 206770 |  | 815388
 | All Other (1) |  |  | 22509 |  | 24552 |  | 16211 |  | 3073 |  | 3120 |  | 6193 |  | 3605 |  | 9798 |  | 3508 |  | 13306 |  | 2673 |  | 4562 |  | 7235 |  | 4178 |  | 11413 |  | 10324 |  | 21737
 |  |  | Total operating revenues | 4822471 |  | 5091388 |  | 5019943 |  | 1222435 |  | 1232219 |  | 2454654 |  | 1266416 |  | 3721070 |  | 1265759 |  | 4986829 |  | 1258681 |  | 1279640 |  | 2538321 |  | 1325423 |  | 3863744 |  | 1316727 |  | 5180471
Operating Expenses
 | U.S. Cellular
 |  | Expenses excluding depreciation, amortization and accretion |  | 2915045 |  | 3233057 |  | 3293251 |  | 797824 |  | 820684 |  | 1618508 |  | 854250 |  | 2472758 |  | 921778 |  | 3394536 |  | 853967 |  | 822587 |  | 1676554 |  | 876855 |  | 2553409 |  | 937473 |  | 3490882
 |  | Depreciation, amortization and accretion |  | 581116 |  | 572649 |  | 564935 |  | 141709 |  | 142931 |  | 284640 |  | 143191 |  | 427831 |  | 143124 |  | 570955 |  | 143340 |  | 146577 |  | 289917 |  | 141664 |  | 431581 |  | 141976 |  | 573557
 |  | Loss on asset disposals, net |  | 38987 |  | 17413 |  | 16169 |  | 5176 |  | 1250 |  | 6426 |  | 1981 |  | 8407 |  | 2310 |  | 10717 |  | 1037 |  | 2922 |  | 3959 |  | -9700 |  | -5741 |  | 3868 |  | -1873
 |  | Loss on impairment of intangible assets |  | 24923 |  | 386653 |  | 14000 |  | 0 |  | 0 |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | 3560071 |  | 4209772 |  | 3888355 |  | 944709 |  | 964865 |  | 1909574 |  | 999422 |  | 2908996 |  | 1067212 |  | 3976208 |  | 998344 |  | 972086 |  | 1970430 |  | 1008819 |  | 2979249 |  | 1083317 |  | 4062566
 | TDS Telecom
 |  | Expenses excluding depreciation, amortization and accretion |  | 561854 |  | 523122 |  | 526650 |  | 125865 |  | 131565 |  | 257430 |  | 133412 |  | 390842 |  | 129981 |  | 520823 |  | 121769 |  | 128846 |  | 250615 |  | 139601 |  | 390216 |  | 144748 |  | 534964
 |  | Depreciation, amortization and accretion |  | 157462 |  | 158366 |  | 167316 |  | 43423 |  | 43149 |  | 86572 |  | 43645 |  | 130217 |  | 43837 |  | 174054 |  | 44837 |  | 43843 |  | 88680 |  | 45682 |  | 134362 |  | 46168 |  | 180530
 |  | Loss on asset disposals, net |  | 0 |  | 857 |  | 2401 |  | 345 |  | -68 |  | 277 |  | 390 |  | 667 |  | 464 |  | 1131 |  | 104 |  | 317 |  | 421 |  | 337 |  | 758 |  | 485 |  | 1243
 |  |  |  | 719316 |  | 682345 |  | 696367 |  | 169633 |  | 174646 |  | 344279 |  | 177447 |  | 521726 |  | 174282 |  | 696008 |  | 166710 |  | 173006 |  | 339716 |  | 185620 |  | 525336 |  | 191401 |  | 716737
 | All Other (1)
 |  | Expenses excluding depreciation and amortization |  | 19524 |  | 23788 |  | 15193 |  | 1930 |  | 2117 |  | 4047 |  | 2243 |  | 6290 |  | 1677 |  | 7967 |  | 2116 |  | 4569 |  | 6685 |  | 1355 |  | 8040 |  | 19117 |  | 27157
 |  | Depreciation and amortization |  | 12488 |  | 14780 |  | 11996 |  | 2733 |  | 2654 |  | 5387 |  | 2610 |  | 7997 |  | 2643 |  | 10640 |  | 2636 |  | 2625 |  | 5261 |  | 2693 |  | 7954 |  | 3735 |  | 11689
 |  | Loss on asset disposals, net |  | 0 |  | 61 |  | 188 |  | -90 |  | 32 |  | -58 |  | 7 |  | -51 |  | -34 |  | -85 |  | 2 |  | -1 |  | 1 |  | 12 |  | 13 |  | -193 |  | -180
 |  | Loss on impairment of intangible assets |  | 0 |  | 27723 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | 32012 |  | 66352 |  | 27377 |  | 4573 |  | 4803 |  | 9376 |  | 4860 |  | 14236 |  | 4286 |  | 18522 |  | 4754 |  | 7193 |  | 11947 |  | 4060 |  | 16007 |  | 22659 |  | 38666
 |  |  | Total operating expenses | 4311399 |  | 4958469 |  | 4612099 |  | 1118915 |  | 1144314 |  | 2263229 |  | 1181729 |  | 3444958 |  | 1245780 |  | 4690738 |  | 1169808 |  | 1152285 |  | 2322093 |  | 1198499 |  | 3520592 |  | 1297377 |  | 4817969
Operating Income(Loss)
 | U.S. Cellular |  |  | 379680 |  | 32782 |  | 325525 |  | 79148 |  | 65028 |  | 144176 |  | 61359 |  | 205535 |  | -4062 |  | 201473 |  | 58748 |  | 104096 |  | 162844 |  | 101620 |  | 264464 |  | 16316 |  | 280780
 | TDS Telecom |  |  | 140895 |  | 141937 |  | 93485 |  | 25872 |  | 24560 |  | 50432 |  | 24583 |  | 75015 |  | 24819 |  | 99834 |  | 32206 |  | 25890 |  | 58096 |  | 25186 |  | 83282 |  | 15369 |  | 98651
 | All Other (1) |  |  | -9503 |  | -41800 |  | -11166 |  | -1500 |  | -1683 |  | -3183 |  | -1255 |  | -4438 |  | -778 |  | -5216 |  | -2081 |  | -2631 |  | -4712 |  | 118 |  | -4594 |  | -12335 |  | -16929
 |  |  |  | 511072 |  | 132919 |  | 407844 |  | 103520 |  | 87905 |  | 191425 |  | 84687 |  | 276112 |  | 19979 |  | 296091 |  | 88873 |  | 127355 |  | 216228 |  | 126924 |  | 343152 |  | 19350 |  | 362502
Investment and Other Income(Expense)
 | Equity in earnings of unconsolidated entities |  |  | 91831 |  | 89812 |  | 90732 |  | 24903 |  | 25997 |  | 50900 |  | 24147 |  | 75047 |  | 23027 |  | 98074 |  | 19388 |  | 22590 |  | 41978 |  | 22053 |  | 64031 |  | 18507 |  | 82538
 | Interest and dividend income |  |  | 199435 |  | 39131 |  | 11121 |  | 2441 |  | 2674 |  | 5115 |  | 2785 |  | 7900 |  | 2608 |  | 10508 |  | 2624 |  | 2093 |  | 4717 |  | 2199 |  | 6916 |  | 2229 |  | 9145
 | Gain (loss) on investments and financial instruments |  |  | 81423 |  | 31595 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 13373 |  | 13373 |  | 12730 |  | 26103 |  | -2000 |  | 24103
 | Gain on investments |  |  | 0 |  | 0 |  | 0
 | Interest expense |  |  | -209525 |  | -139304 |  | -126209 |  | -28958 |  | -29265 |  | -58223 |  | -28297 |  | -86520 |  | -30290 |  | -116810 |  | -26509 |  | -45417 |  | -71926 |  | -22258 |  | -94184 |  | -24017 |  | -118201
 | Other, net |  |  | -6401 |  | 2213 |  | 2000 |  | -190 |  | -1929 |  | -2119 |  | -438 |  | -2557 |  | 468 |  | -2089 |  | 80 |  | 1306 |  | 1386 |  | 115 |  | 1501 |  | 2157 |  | 3658
 |  | Total investment and other income (expense) |  | 156763 |  | 23447 |  | -22356 |  | -1804 |  | -2523 |  | -4327 |  | -1803 |  | -6130 |  | -4187 |  | -10317 |  | -4417 |  | -6055 |  | -10472 |  | 14839 |  | 4367 |  | -3124 |  | 1243
Income before Income Taxes |  |  |  | 667835 |  | 156366 |  | 385488 |  | 101716 |  | 85382 |  | 187098 |  | 82884 |  | 269982 |  | 15792 |  | 285774 |  | 84456 |  | 121300 |  | 205756 |  | 141763 |  | 347519 |  | 16226 |  | 363745
 | Income tax expense |  |  | 254302 |  | 35883 |  | 135539 |  | 38503 |  | 32047 |  | 70550 |  | 29354 |  | 99904 |  | -4716 |  | 95188 |  | 30159 |  | 11560 |  | 41719 |  | 53545 |  | 95264 |  | 18239 |  | 113503
Income (loss) before extraordinary item |  |  |  | 413533 |  | 120483 |  | 249949 |  | 63213 |  | 53335 |  | 116548 |  | 53530 |  | 170078 |  | 20508 |  | 190586 |  | 54297 |  | 109740 |  | 164037 |  | 88218 |  | 252255 |  | -2013 |  | 250242
 | Extraordinary item, net of taxes |  |  | 42827 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Net income (loss) |  |  |  | 456360 |  | 120483 |  | 249949 |  | 63213 |  | 53335 |  | 116548 |  | 53530 |  | 170078 |  | 20508 |  | 190586 |  | 54297 |  | 109740 |  | 164037 |  | 88218 |  | 252255 |  | -2013 |  | 250242
 | Less: Net income attributable to noncontrolling interests, net of tax |  |  | -71964 |  | -29817 |  | -58602 |  | -14007 |  | -12255 |  | -26262 |  | -12111 |  | -38373 |  | -7364 |  | -45737 |  | -10793 |  | -17786 |  | -28579 |  | -16924 |  | -45503 |  | -4173 |  | -49676
Net income (loss) attributable to TDS shareholders |  |  |  | 384396 |  | 90666 |  | 191347 |  | 49206 |  | 41080 |  | 90286 |  | 41419 |  | 131705 |  | 13144 |  | 144849 |  | 43504 |  | 91954 |  | 135458 |  | 71294 |  | 206752 |  | -6186 |  | 200566
 | Preferred dividend requirement |  |  | -52 |  | -52 |  | -51 |  | -12 |  | -12 |  | -25 |  | -12 |  | -37 |  | -12 |  | -50 |  | -12 |  | 12 |  | 25 |  | 12 |  | 37 |  | 12 |  | 50
Net income (loss) available to common shareholders |  |  |  | 384344 |  | 90614 |  | 191296 |  | 49194 |  | 41068 |  | 90261 |  | 41407 |  | 131668 |  | 13132 |  | 144799 |  | 43492 |  | 91942 |  | 135433 |  | 71282 |  | 206715 |  | -6198 |  | 200516
Basic weighted average shares outstanding |  |  |  | 122754 |  | 120992 |  | 114354 |  | 110840 |  | 110424 |  | 110631 |  | 109788 |  | 110347 |  | 108979 |  | 110016 |  | 108936 |  | 108423 |  | 108678 |  | 108404 |  | 108586 |  | 108492 |  | 108562
Basic earnings (loss) per share attributable to TDS shareholders
 | Net income before extraordinary item attributable to
 |  | TDS shareholders |  | 2.78 |  | 0.75 |  | 1.67 |  | 0.44 |  | 0.37 |  | 0.82 |  | 0.38 |  | 1.19 |  | 0.12 |  | 1.32 |  | 0.4 |  | 0.85 |  | 1.25 |  | 0.66 |  | 1.9 |  | -0.06 |  | 1.85
 | Extraordinary item |  |  | 0.35 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 | Net income available to common shareholders |  |  | 3.13 |  | 0.75 |  | 1.67 |  | 0.44 |  | 0.37 |  | 0.82 |  | 0.38 |  | 1.19 |  | 0.12 |  | 1.32 |  | 0.4 |  | 0.85 |  | 1.25 |  | 0.66 |  | 1.9 |  | -0.06 |  | 1.85
Diluted weighted average shares outstanding |  |  |  | 124142 |  | 121348 |  | 114572 |  | 111203 |  | 110878 |  | 111015 |  | 110300 |  | 110746 |  | 109790 |  | 110489 |  | 109651 |  | 109133 |  | 109470 |  | 108729 |  | 109175 |  | 108492 |  | 109100
Diluted earnings (loss) per share attributable to TDS shareholders
 | Net Income before extraordinary item attributable to
 |  | TDS shareholders |  | 2.74 |  | 0.75 |  | 1.67 |  | 0.44 |  | 0.37 |  | 0.81 |  | 0.37 |  | 1.19 |  | 0.12 |  | 1.31 |  | 0.39 |  | 0.84 |  | 1.23 |  | 0.65 |  | 1.89 |  | -0.06 |  | 1.83
 | Extraordinary item |  |  | 0.34 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 | Net income available to common shareholders |  |  | 3.08 |  | 0.75 |  | 1.67 |  | 0.44 |  | 0.37 |  | 0.81 |  | 0.37 |  | 1.19 |  | 0.12 |  | 1.31 |  | 0.39 |  | 0.84 |  | 1.23 |  | 0.65 |  | 1.89 |  | -0.06 |  | 1.83
(1) Consists of Suttle-Straus and [NAME] (as of September 23, 2011), which
 | represents TDS' Non-Reportable Segment, corporate operations and
 | intercompany eliminations between U.S. Cellular, TDS Telecom and
 | corporate investments.