EX-12 2 a2207455zex-12.htm EX-12

Exhibit 12

 

UNITED STATES CELLULAR CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

For the Year Ended December 31,

 

(Dollars in thousands)

 

2011

 

2010

 

2009

 

2008

 

2007

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

312,822

 

$

241,116

 

$

349,165

 

$

69,855

 

$

529,253

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

(83,566

)

(97,318

)

(96,800

)

(91,981

)

(90,033

)

Distributions from unconsolidated entities

 

91,768

 

100,359

 

91,105

 

91,845

 

86,873

 

Amortization of capitalized interest

 

613

 

492

 

320

 

—

 

—

 

Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges

 

(24,247

)

(23,869

)

(22,663

)

(26,131

)

(23,481

)

 

 

$

297,390

 

$

220,780

 

$

321,127

 

$

43,588

 

$

502,612

 

Add fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense (2)

 

65,614

 

61,555

 

78,199

 

78,535

 

85,408

 

Interest portion (1/3) of consolidated rent expense

 

44,130

 

42,550

 

41,305

 

37,254

 

35,208

 

 

 

$

407,134

 

$

324,885

 

$

440,631

 

$

159,377

 

$

623,228

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense (2)

 

$

65,614

 

$

61,555

 

$

78,199

 

$

78,535

 

$

85,408

 

Capitalized interest

 

10,064

 

2,446

 

1,647

 

2,805

 

—

 

Interest portion (1/3) of consolidated rent expense

 

44,130

 

42,550

 

41,305

 

37,254

 

35,208

 

 

 

$

119,808

 

$

106,551

 

$

121,151

 

$

118,594

 

$

120,616

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

3.40

 

3.05

 

3.64

 

1.34

 

5.17

 

 

(1)          Includes non-cash charges related to losses on impairment as follows: 2009: $14.0 million; 2008: $386.7 million; 2007: $24.9 million.

 

Includes gain on investment and financial instruments as follows: 2011: $11.4 million; 2008: $16.6 million; 2007: $132.6 million

 

(2)          Interest expense on income tax contingencies is not included in fixed charges.

 

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