Exhibit 12

TELEPHONE AND DATA SYSTEMS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

For the Year Ended December 31,		2017		2016		2015		2014		2013
(Dollars in millions)
EARNINGS:
Income (loss) before income taxes1		$	(122)	$	92	$	435	$	(152)	$	293
Add (deduct):
	Equity in earnings of unconsolidated entities		(137)		(140)		(140)		(132)		(133)
	Distributions from unconsolidated entities		136		93		60		112		128
	Amortization of capitalized interest		8		8		8		7		5
	Income attributable to noncontrolling interests   in subsidiaries that do not have fixed charges		(1)		(1)		(6)		(1)		(6)
			(116)		52		357		(166)		287
Add fixed charges:
	Consolidated interest expense2		170		170		142		111		99
	Interest portion (1/3) of consolidated   rent expense		64		63		60		62		67
		$	118	$	285	$	559	$	7	$	453
FIXED CHARGES:
	Consolidated interest expense2	$	170	$	170	$	142	$	111	$	99
	Capitalized interest		2		3		6		10		22
	Interest portion (1/3) of consolidated   rent expense		64		63		60		62		67
		$	236	$	236	$	208	$	183	$	188
RATIO OF EARNINGS TO FIXED CHARGES3			*		1.21		2.69		*		2.41
1	Includes non-cash charges related to losses on impairment of $262 million in 2017 and $88 million in 2014.
	Includes gain on sale of business and other exit costs, net of $1 million, $1 million, $136 million, $16 million and $301 million in 2017, 2016, 2015, 2014 and 2013, respectively.
	Includes gain on license sales and exchanges, net of $22 million, $20 million, $147 million, $113 million and $256 million in 2017, 2016, 2015, 2014 and 2013, respectively.
	Includes gain on investments of $15 million in 2013.
2	Interest expense on income tax contingencies is not included in fixed charges.
3	Ratio of earnings to fixed charges and preferred dividends was also 1.21, 2.69 and 2.41 for the years ended December 31, 2016, 2015 and 2013, respectively.
*	Earnings in 2017 and 2014 were inadequate to cover fixed charges by $118 million, and $176 million, respectively, and fixed charges and preferred dividends by $118 million and $176 million, respectively.