EX-12 40 ex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES ex12.htm
                           
Exhibit 12
  
 
AT&T, INC.
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Dollars in millions
                               
 
Year Ended December 31,
 
2011
  
2010
  
2009
  
2008
  
2007
Earnings:
                              
Income (loss) from continuing operations before income taxes
   $ 6,716     $ 18,238     $ 18,518     $ (4,572 )   $ 27,186  
Equity in net income of affiliates included above
     (784 )     (762 )     (734 )     (819 )     (692 )
       Fixed Charges
     4,900       4,786       5,071       4,943       4,489  
Distributed income of equity affiliates
     161       161       317       164       395  
       Interest capitalized
     (162 )     (772 )     (740 )     (659 )     (171 )
                                         
     Earnings, as adjusted
   $ 10,831     $ 21,651     $ 22,432     $ -     $ 31,207  
                                         
                                         
Fixed Charges:
                                        
       Interest expense
   $ 3,535     $ 2,994     $ 3,368     $ 3,369     $ 3,460  
       Interest capitalized
     162       772       740       659       171  
Dividends on preferred securities
     -       -       -       4       3  
Portion of rental expense representative of interest factor
     1,203       1,020       963       911       855  
                                         
 Fixed Charges
   $ 4,900     $ 4,786     $ 5,071     $ 4,943     $ 4,489  
                                         
Ratio of Earnings to Fixed Charges1
     2.21       4.52       4.42       (0.19 )     6.95  


1
Earnings were not sufficient to cover fixed charges in 2008. The deficit was $943.