American Tower (AMT) 10-K 2011 FY Annual report

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
	2007		2008		2009		2010		2011
Computation of Earnings:
(Loss) income from continuing operations before income taxes and income on equity method investments	$	152,840	$	371,920	$	421,487	$	556,025	$	506,895
Add:
Interest expense		237,314		255,073		251,291		247,504		313,328
Operating leases		73,916		79,189		82,522		90,001		109,817
Amortization of interest capitalized		2,622		2,692		2,751		2,819		2,218
Earnings as adjusted		466,692		708,874		758,051		896,349		932,258
Computation of fixed charges:
Interest expense		237,314		255,073		251,291		247,504		313,328
Interest capitalized		—		770		495		1,011		2,096
Operating leases		73,916		79,189		82,522		90,001		109,817
Fixed charges		311,230		335,032		334,308		338,516		425,241
Excess in earnings required to cover fixed charges	$	155,462	$	373,842	$	423,743	$	557,833		507,017
Ratio of earnings to fixed charges		1.50		2.12		2.27		2.65		2.19

(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 purpose of this calculation, “earnings” consists of (loss) income from continuing operations before income taxes, income on equity method investments, fixed charges (excluding interest capitalized and amortization of interest capitalized). “Fixed charges” consists 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.