American Tower (AMT) 10-Q 2016 Q1 Quarterly report

Exhibit 12

AMERICAN TOWER CORPORATION

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table reflects the computation of the ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends for the periods presented (in thousands):

											Three months ended March 31,
	2011		2012		2013		2014		2015		2016
Computation of Earnings:
Income from continuing operations before income taxes and income on equity method investments	$	506,895	$	701,294	$	541,749	$	865,704	$	829,962	$	310,431
Add:
Interest expense (1)	313,328		403,150		459,779		581,716		596,769		160,163
Operating leases	109,817		125,706		148,573		196,491		241,430		65,241
Amortization of interest capitalized	2,218		2,315		2,406		2,547		2,638		665
Earnings as adjusted	932,258		1,232,465		1,152,507		1,646,458		1,670,799		536,500
Computation of fixed charges and combined fixed charges and preferred stock dividends:
Interest expense (1)	313,328		403,150		459,779		581,716		596,769		160,163
Interest capitalized	2,096		1,926		1,817		2,822		1,831		461
Operating leases	109,817		125,706		148,573		196,491		241,430		65,241
Fixed charges	425,241		530,782		610,169		781,029		840,030		225,865
Dividends on preferred stock	—		—		—		23,888		90,163		26,781
Combined fixed charges and preferred stock dividends	425,241		530,782		610,169		804,917		930,193		252,646
Excess in earnings required to cover fixed charges	$	507,017	$	701,683	$	542,338	$	865,429	$	830,769	$	310,635
Ratio of earnings to fixed charges (2)	2.19		2.32		1.89		2.11		1.99		2.38
Excess in earnings required to cover combined fixed charges and preferred stock dividends	$	507,017	$	701,683	$	542,338	$	841,541	$	740,606	$	283,854
Ratio of earnings to combined fixed charges and preferred stock dividends	2.19		2.32		1.89		2.05		1.80		2.12

_______________

(1) Interest expense includes amortization of deferred financing costs. Interest expense also includes an amount related to our capital lease with TV Azteca.

(2) For the purposes of this calculation, “earnings” consists of income from continuing operations before income taxes and income on equity method investments, as well as fixed charges (excluding interest capitalized and amortization of interest capitalized). “Fixed charges” consists of interest expensed and capitalized, amortization of debt discounts, premiums and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon.