EX-12 2 a20151231-exhibit1210k.htm EXHIBIT 12 Exhibit



Exhibit 12
DISCOVERY COMMUNICATIONS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(unaudited; in millions, except ratio amounts)
 
 
 
Years Ended December 31,
 
 
2015
 
2014
  
2013
 
2012
 
2011
Earnings:
 
 
 
 
  
 
 
 
 
 
Income from continuing operations, net of taxes(a)
 
$
1,048

 
$
1,137

 
$
1,077

 
$
956

 
$
1,136

Add:
 
 
 
 
  
 
 
 
 
 
Provision for income taxes(a)
 
511

 
610

 
659

  
562

  
427

(Income) loss from equity investees, net
 
(1
)
 
(23
)
 
(18
)
  
86

 
35

Distributions of income from equity investees
 
8

  
22

  
14

  
20

  
30

Total interest expense
 
332

 
333

 
309

  
251

  
211

Portion of rents representative of the interest factor
 
44

  
48

  
31

  
22

  
26

Earnings, as adjusted
 
$
1,942

  
$
2,127

  
$
2,072

  
$
1,897

  
$
1,865

Fixed charges:
 
 
 
 
  
 
 
 
 
 
Total interest expense
 
$
332

  
$
333

  
$
309

  
$
251

  
$
211

Portion of rents representative of the interest factor
 
44

  
48

  
31

  
22

  
26

Total fixed charges
 
$
376

  
$
381

  
$
340

  
$
273

  
$
237

Preferred stock dividends
 
—

 
—

 
—

  
—

  
 
Total combined fixed charges and preferred stock dividends
 
$
376

  
$
381

  
$
340

  
$
273

  
$
237

Ratio of earnings to fixed charges
 
5.2
x
  
5.6
x
  
6.1
x
  
6.9
x
  
7.9
x
Ratio of earnings to combined fixed charges and preferred stock dividends
 
5.2
x
  
5.6
x
  
6.1
x
  
6.9
x
  
7.9
x
 
 
 
 
 
 
(a) On September 17, 2012, the Company sold its postproduction audio business, whose results of operations have been reclassified to discontinued operations for all periods presented.