Telephone and Data Systems (TDS) 10-K/A 2003 FY Annual report (amended)

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Exhibit 12.3

TELEPHONE AND DATA SYSTEMS, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

For the Six Months ended June 30, 2003
(Dollars In Thousands)
As Restated

EARNINGS:
	Income from continuing operations before income taxes and minority interest				$	726
		Add (Deduct):
			Earnings on Equity Method Investments			(26,267	)
			Distributions from Minority Subsidiaries			17,884
			Minority interest in pre-tax income of subsidiaries that do not have fixed charges			(5,300	)
						(12,957	)
		Add fixed charges:
			Consolidated interest expense			99,758
			Interest Portion (1/3) of Consolidated Rent Expense			13,731
					$	100,532
FIXED CHARGES:
			Consolidated interest expense		$	99,758
			Interest Portion (1/3) of Consolidated Rent Expense			13,731
					$	113,489
RATIO OF EARNINGS TO FIXED CHARGES						NA
			Tax-Effected Preferred Dividends		$	364
			Fixed Charges			113,489
				Fixed Charges and Preferred Dividends	$	113,853
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS						NA

The dollar deficiency resulting in less than one-to-one coverage is $12,957 for the ratio of earnings to fixed charges and $13,321 for the ratio of earnings to fixed charges and preferred dividends.

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TELEPHONE AND DATA SYSTEMS, INC. RATIOS OF EARNINGS TO FIXED CHARGES For the Six Months ended June 30, 2003 (Dollars In Thousands) As Restated