Exhibit 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Ratio of Earnings to Fixed Charges
American Tower Corporation
The following table reflects the computation of the ratio of earnings to fixed charges for the periods presented (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2001(1) | 2002(1) | 2003(1) | 2004(1) | 2005(1) | ||||||||||||||||
| (as restated) | (as restated) | (as restated) | (as restated) | (as restated) | ||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||
Loss from continuing operations before income taxes, minority interest and loss on equity method investments | $ | (534,917 | ) | $ | (413,580 | ) | $ | (327,969 | ) | $ | (325,112 | ) | $ | (135,554 | ) | |||||
Add: | ||||||||||||||||||||
Interest expense(2) | 267,929 | 255,839 | 281,279 | 263,734 | 223,911 | |||||||||||||||
Operating leases | 27,194 | 32,893 | 34,187 | 35,622 | 50,601 | |||||||||||||||
Amortization of interest capitalized | 1,587 | 2,292 | 2,487 | 2,532 | 2,563 | |||||||||||||||
Earnings as adjusted | (238,207 | ) | (122,556 | ) | (10,016 | ) | (23,224 | ) | 141,521 | |||||||||||
Computation of fixed charges: | ||||||||||||||||||||
Interest expense | 267,929 | 255,839 | 281,279 | 263,734 | 223,911 | |||||||||||||||
Interest capitalized | 15,321 | 5,835 | 672 | 226 | 473 | |||||||||||||||
Operating leases | 27,194 | 32,893 | 34,187 | 35,622 | 50,601 | |||||||||||||||
Fixed charges | 310,444 | 294,567 | 316,138 | 299,582 | 274,985 | |||||||||||||||
Deficiency in earnings required to cover fixed charges | $ | (548,651 | ) | $ | (417,123 | ) | $ | (326,154 | ) | $ | (322,806 | ) | $ | (133,464 | ) | |||||
Ratio of earnings to fixed charges(3) | .51 | x | ||||||||||||||||||
| (1) | Reflects the restatement of our consolidated financial statements, as set forth in our Annual Report on Form 10-K/A for the year ended December 31, 2005. |
| (2) | Interest expense includes amortization of deferred financing costs. Interest expense also includes an amount related to our capital lease with TV Azteca. |
| (3) | For the purpose of this calculation, “earnings” consists of loss from continuing operations before income taxes, minority interest, loss on equity method investments, fixed charges (excluding interest capitalized), and amortization of interest capitalized. “Fixed charges” consist of interest expensed and capitalized, amortization of debt discount 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. |