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| Exhibit 12 | |||
TELEPHONE AND DATA SYSTEMS, INC. RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
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(Dollars in thousands) | 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 | |||||||
EARNINGS: |
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Income before income taxes (1) | $ | 292,864 |
| $ | 196,235 |
| $ | 363,745 |
| $ | 285,774 |
| $ | 385,488 | ||
Add (deduct): |
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| Equity in earnings of unconsolidated entities |
| (132,714) |
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| (92,867) |
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| (82,538) |
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| (98,074) |
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| (90,732) | |
| Distributions from unconsolidated entities |
| 127,929 |
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| 84,884 |
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| 92,231 |
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| 100,845 |
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| 91,587 | |
| Amortization of capitalized interest |
| 4,638 |
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| 1,676 |
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| 1,109 |
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| 867 |
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| 497 | |
| Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges |
| (5,651) |
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| (25,709) |
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| (22,004) |
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| (21,938) |
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| (20,333) | |
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| 287,066 |
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| 164,219 |
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| 352,543 |
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| 267,474 |
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| 366,507 |
Add fixed charges: |
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| Consolidated interest expense (2) |
| 98,811 |
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| 86,745 |
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| 118,201 |
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| 116,810 |
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| 126,209 | |
| Interest portion (1/3) of consolidated rent expense |
| 52,485 |
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| 57,594 |
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| 52,455 |
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| 51,244 |
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| 49,553 | |
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| $ | 438,362 |
| $ | 308,558 |
| $ | 523,199 |
| $ | 435,528 |
| $ | 542,269 |
FIXED CHARGES: |
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| Consolidated interest expense (2) | $ | 98,811 |
| $ | 86,745 |
| $ | 118,201 |
| $ | 116,810 |
| $ | 126,209 | |
| Capitalized interest |
| 22,206 |
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| 21,369 |
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| 14,321 |
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| 4,825 |
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| 3,850 | |
| Interest portion (1/3) of consolidated rent expense |
| 52,485 |
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| 57,594 |
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| 52,455 |
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| 51,244 |
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| 49,553 | |
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| $ | 173,502 |
| $ | 165,708 |
| $ | 184,977 |
| $ | 172,879 |
| $ | 179,612 |
RATIO OF EARNINGS TO FIXED CHARGES |
| 2.53 |
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| 1.86 |
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| 2.83 |
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| 2.52 |
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| 3.02 | ||
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| Tax-effected preferred dividends | $ | 78 |
| $ | 78 |
| $ | 71 |
| $ | 75 |
| $ | 78 | |
| Fixed charges |
| 173,502 |
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| 165,708 |
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| 184,977 |
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| 172,879 |
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| 179,612 | |
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| Fixed charges and preferred dividends | $ | 173,580 |
| $ | 165,786 |
| $ | 185,048 |
| $ | 172,954 |
| $ | 179,690 |
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS |
| 2.53 |
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| 1.86 |
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| 2.83 |
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| 2.52 |
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| 3.02 | ||
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(1) | Includes non-cash charges related to losses on impairment of $0.5 million in 2012 and $14.0 million in 2009. | |||||||||||||||
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| Includes gain on sale of business and other exit costs, net of $300.7 million in 2013 and loss on sale of business and other exit costs, net of $21.1 million in 2012. | |||||||||||||||
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| Includes gain on license sales and exchanges of $255.5 million in 2013 and $11.8 million in 2011. | |||||||||||||||
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| Includes gain on investments of $14.5 million in 2013 and $24.1 million in 2011 and loss on investments of $3.7 million in 2012. | |||||||||||||||
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(2) | Interest expense on income tax contingencies is not included in fixed charges. |