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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Disclosure Text Block  
Earnings per Share

NOTE 4 EARNINGS PER SHARE

 

Basic earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to U.S. Cellular shareholders is computed by dividing Net income attributable to U.S. Cellular shareholders by the weighted average number of common shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon exercise of outstanding stock options and the vesting of restricted stock units.

 

The amounts used in computing earnings per common share and the effects of potentially dilutive securities on the weighted average number of common shares were as follows:

 

Year ended December 31,2013 2012 2011
(Dollars and shares in thousands, except earnings per share)     
Net income attributable to U.S. Cellular shareholders$ 140,038 $ 111,006 $ 175,041
          
Weighted average number of shares used in basic earnings per share  83,968   84,645   84,877
Effect of dilutive securities:        
 Stock options  211   184   224
 Restricted stock units  551   401   347
         
Weighted average number of shares used in diluted earnings per share  84,730   85,230   85,448
          
Basic earnings per share attributable to U.S. Cellular shareholders$ 1.67 $ 1.31 $ 2.06
          
Diluted earnings per share attributable to U.S. Cellular shareholders$ 1.65 $ 1.30 $ 2.05

Certain Common Shares issuable upon the exercise of stock options or vesting of restricted stock units were not included in average diluted shares outstanding for the calculation of Diluted earnings per share attributable to U.S. Cellular shareholders because their effects were antidilutive. The number of such Common Shares excluded, if any, is shown in the table below.

 

Year Ended December 31,2013 2012 2011
(Shares in thousands)     
Stock options 2,010  2,123  1,591
       
Restricted stock units 190  369  250

On June 25, 2013, U.S. Cellular paid a special cash dividend of $5.75 per share, for an aggregate amount of $482.3 million, to all holders of U.S. Cellular Common Shares and Series A Common Shares as of June 11, 2013. Outstanding U.S. Cellular stock options and restricted stock unit awards were equitably adjusted for the special cash dividend. The impact of such adjustments on the earnings per share calculation was fully reflected for all years presented.