EX-12 3 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
 
     
Six Months Ended
  
Year Ended December 31,
 
June 30,
     
2013
  
2012
  
2012
  
2011
  
2010
  
20091
    
2008
Earnings:
                                          
 
Income (loss) from continuing operations before income taxes
$
11,124
  
$
11,548
  
$
10,439
  
$
6,716
  
$
18,238
  
$
18,518
  
$
(4,572)
 
Equity in net income of affiliates included above
  
(403)
    
(355)
    
(752)
    
(784)
    
(762)
    
(734)
    
(819)
 
Fixed charges
  
2,426
    
2,539
    
4,943
    
4,900
    
4,786
    
5,071
    
4,943
 
Distributed income of equity affiliates
  
 205
    
- 
    
137
    
161
    
161
    
317
    
164
 
Interest
  
(140)
    
(130)
    
(263)
    
(162)
    
(772)
    
(740)
    
(659)
                                             
   
Earnings, as adjusted
$
13,212
  
$
13,602
  
$
14,504
  
$
10,831
  
$
21,651
  
$
 22,432
  
$
- 
                                             
Fixed Charges:
                                          
 
Interest expense
$
1,652
  
$
1,800
  
$
3,444
  
$
3,535
  
$
2,994
  
$
3,368
  
$
3,369
 
Interest capitalized
  
140
    
130
    
263
    
162
    
772
    
740
    
659
 
Dividends on preferred securities
  
 -
    
 -
    
 -
    
 -
    
 -
    
- 
    
4
 
Portion of rental expense representative of interest factor
  
634
    
609
    
1,236
    
1,203
    
1,020
    
963
    
911
                                           
   
Fixed Charges
$
2,426
  
$
2,539
  
$
4,943
  
$
4,900
  
$
4,786
  
$
5,071
  
$
4,943
                                             
 
Ratio of Earnings to Fixed Charges
  
5.45
    
5.36
    
2.93
    
2.21
    
4.52
    
 4.42
    
- 
                                             
1Earnings were not sufficient to cover fixed charges in 2008. The deficit was $943.