EX-12 3 dex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

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,  
     2004     2005     2006     2007     2008  

Computation of earnings:

           

Income (loss) from continuing operations before income taxes, minority interest

    $ (306,632 )   $ (392,043 )   $ (48,373 )   $ (317,003 )   $ (153,219 )

Add:

           

Fixed charges (as computed below)

      250,077       178,982       211,188       454,731       458,477  

Subtract:

           

Interest capitalized

      —         —         (1,295 )     (1,406 )     —    
                                        
   $ (56,555 )   $ (213,061 )   $ 161,520     $ 136,322     $ 305,258  
                                        

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

           

Interest expense

    $ 197,258     $ 126,646     $ 153,722     $ 329,610     $ 332,058  

Amortized premiums, discounts and capitalized interest expense related to indebtedness

      9,512       7,160       8,606       20,649       22,056  

Interest capitalized

      —         —         1,295       1,406       —    

Interest component of operating lease expense

      43,307       45,176       47,565       103,066       104,363  
                                        

Fixed charges

      250,077       178,982       211,188       454,731       458,477  

Dividends on preferred stock and losses on purchases of preferred stock

      38,618       49,356       20,806       20,805       20,806  
                                        

Combined fixed charges and preferred stock dividends

    $ 288,695     $ 228,338     $ 231,994     $ 475,536     $ 479,283  
                                        

Ratio of earnings to fixed charges

      —         —         —         —         —    
                                        

Deficiency of earnings to cover fixed charges

    $ 306,632     $ 392,043     $ 49,668     $ 318,409     $ 153,219  
                                        

Ratio of earnings to combined fixed charges and preferred stock dividends

      —         —         —         —         —    
                                        

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

    $ 345,250     $ 441,399     $ 70,474     $ 339,214     $ 174,025