EX-12 3 dex12.htm COMPUTATION OF RATIOS Computation of Ratios

EXHIBIT 12

CROWN CASTLE INTERNATIONAL CORP.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(DOLLARS IN THOUSANDS)

 

     Years Ended December 31,  
     2002     2003     2004     2005     2006  

Computation of earnings:

           

Income (loss) from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle

    $ (331,035 )   $ (457,017 )   $ (307,349 )   $ (393,654 )   $ (48,373 )

Add:

           

Fixed charges (as computed below)

      314,475       300,634       250,037       178,982       211,188  

Subtract:

           

Interest capitalized

      —         —         —         —         (1,295 )
                                        
   $ (16,560 )   $ (156,383 )   $ (57,312 )   $ (214,672 )   $ 161,520  
                                        

Computation of fixed charges and combined fixed charges and preferred stock dividends:

           

Interest expense

    $ 180,484     $ 186,675     $ 197,258     $ 127,632     $ 153,728  

Amortization of deferred financing costs, discounts on long-term debt and dividends on preferred stock

      93,411       72,159       9,512       6,174       8,600  

Interest capitalized

      —         —         —         —         1,295  

Interest component of operating lease expense

      40,580       41,626       43,307       45,176       47,565  
                                        

Fixed charges

      314,475       300,460       250,077       178,982       211,188  

Preferred stock dividends

      (16,023 )     55,897       38,618       49,356       20,806  
                                        

Combined fixed charges and preferred stock dividends

    $ 298,452     $ 356,357     $ 288,695     $ 228,338     $ 231,994  
                                        

Ratio of earnings to fixed charges

      —         —         —         —         —    
                                        

Deficiency of earnings to cover fixed charges

    $ 331,035     $ 457,017     $ 307,349     $ 393,654     $ 49,668  
                                        

Ratio of earnings to combined fixed charges and preferred stock dividends

      —         —         —         —         —    
                                        

Deficiency of earnings to cover combined fixed charges and preferred stock dividends

    $ 315,012     $ 512,740     $ 346,007     $ 443,010     $ 70,474