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, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 371,920 | $ | 421,487 | $ | 556,025 | $ | 506,895 | $ | 701,294 | $ | 431,644 | ||||||||||||
Add: | ||||||||||||||||||||||||
Interest expense (1) | 255,073 | 251,291 | 247,504 | 313,328 | 403,150 | 320,029 | ||||||||||||||||||
Operating leases | 79,189 | 82,522 | 90,001 | 109,817 | 125,706 | 104,902 | ||||||||||||||||||
Amortization of interest capitalized | 2,692 | 2,751 | 2,819 | 2,218 | 2,315 | 1,788 | ||||||||||||||||||
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Earnings as adjusted | 708,874 | 758,051 | 896,349 | 932,258 | 1,232,465 | 858,363 | ||||||||||||||||||
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Computation of fixed charges: | ||||||||||||||||||||||||
Interest expense (1) | 255,073 | 251,291 | 247,504 | 313,328 | 403,150 | 320,029 | ||||||||||||||||||
Interest capitalized | 770 | 495 | 1,011 | 2,096 | 1,926 | 1,390 | ||||||||||||||||||
Operating leases | 79,189 | 82,522 | 90,001 | 109,817 | 125,706 | 104,902 | ||||||||||||||||||
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Fixed charges | 335,032 | 334,308 | 338,516 | 425,241 | 530,782 | 426,321 | ||||||||||||||||||
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Excess in earnings required to cover fixed charges | $ | 373,842 | $ | 423,743 | $ | 557,833 | $ | 507,017 | $ | 701,683 | $ | 432,042 | ||||||||||||
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Ratio of earnings to fixed charges (2) | 2.12 | 2.27 | 2.65 | 2.19 | 2.32 | 2.01 | ||||||||||||||||||
| (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, 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 discounts and 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. |