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

Verizon Florida Inc.

 

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    

Years Ended December 31,

(Dollars in Millions)

   

2002

   

2001

   

2000

   

1999

   

1998

Income before provision for income taxes

   

$

272.7

   

$

355.8

   

$

274.0

   

$

447.2

   

$

285.0

Equity loss from affiliate

   

 

—

   

 

13.9

   

 

.3

   

 

—

   

 

—

Interest expense

   

 

115.1

   

 

125.4

   

 

142.4

   

 

145.0

   

 

163.0

Portion of rent expense representing interest

   

 

24.0

   

 

9.9

   

 

10.3

   

 

8.0

   

 

9.6

Amortization of capitalized interest

   

 

.7

   

 

.6

   

 

.7

   

 

.6

   

 

.5

    

Earnings, as adjusted

   

$

412.5

   

$

505.6

   

$

427.7

   

$

600.8

   

$

458.1

    

Fixed charges:

                                   

Interest expense

   

$

115.1

   

$

125.4

   

$

142.4

   

$

145.0

   

$

163.0

Portion of rent expense representing interest

   

 

24.0

   

 

9.9

   

 

10.3

   

 

8.0

   

 

9.6

Capitalized interest

   

 

1.0

   

 

1.3

   

 

.6

   

 

1.2

   

 

1.8

    

Fixed charges

   

$

140.1

   

$

136.6

   

$

153.3

   

$

154.2

   

$

174.4

    

Ratio of earnings to fixed charges

   

 

2.94

   

 

3.70

   

 

2.79

   

 

3.90

   

 

2.63