EXHIBIT 12
CROWN CASTLE INTERNATIONAL CORP.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
| Years Ended December 31, | |||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Computation of earnings: | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 373,854 | $ | 473,829 | $ | 335,070 | $ | 251,001 | $ | 64,853 | |||||||||
| Add: | |||||||||||||||||||
| Fixed charges (as computed below) | 748,001 | 750,968 | 791,386 | 752,241 | 717,672 | ||||||||||||||
| Subtract: | |||||||||||||||||||
| Interest capitalized | (7,010 | ) | (4,805 | ) | (2,985 | ) | (1,832 | ) | (2,335 | ) | |||||||||
| $ | 1,114,845 | $ | 1,219,992 | $ | 1,123,471 | $ | 1,001,410 | $ | 780,190 | ||||||||||
| Computation of fixed charges and combined fixed charges and preferred stock dividends and losses on purchases of preferred stock: | |||||||||||||||||||
| Interest expense | $ | 495,945 | $ | 487,355 | $ | 491,581 | $ | 491,041 | $ | 491,184 | |||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 19,087 | 39,773 | 81,710 | 98,589 | 109,860 | ||||||||||||||
| Interest capitalized | 7,010 | 4,805 | 2,985 | 1,832 | 2,335 | ||||||||||||||
| Interest component of operating lease expense | 225,959 | 219,035 | 215,110 | 160,779 | 114,293 | ||||||||||||||
| Fixed charges | 748,001 | 750,968 | 791,386 | 752,241 | 717,672 | ||||||||||||||
| Dividends on preferred stock and losses on purchases of preferred stock | 32,991 | 43,988 | 43,988 | 11,363 | 2,629 | ||||||||||||||
| Combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | $ | 780,992 | $ | 794,956 | $ | 835,374 | $ | 763,604 | $ | 720,301 | |||||||||
| Ratio of earnings to fixed charges | 1.5 | 1.6 | 1.4 | 1.3 | 1.1 | ||||||||||||||
| (Deficiency) excess of earnings to cover fixed charges | $ | 366,844 | $ | 469,024 | $ | 332,085 | $ | 249,169 | $ | 62,518 | |||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | 1.4 | 1.5 | 1.3 | 1.3 | 1.1 | ||||||||||||||
| (Deficiency) excess of earnings to cover combined fixed charges and preferred stock dividends and losses on purchases of preferred stock | $ | 333,853 | $ | 425,036 | $ | 288,097 | $ | 237,806 | $ | 59,889 | |||||||||