American Tower (AMT) 10-Q 2014 Q2 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):

											Six Months Ended June 30,
	2009		2010		2011		2012		2013		2014
Computation of Earnings:
Income from continuing operations before income taxes and income on equity method investments	$	421,487	$	556,025	$	506,895	$	701,294	$	541,749	$	454,423
Add:
Interest expense (1)		251,291		247,504		313,328		403,150		459,779		290,282
Operating leases		82,522		90,001		109,817		125,706		148,573		96,554
Amortization of interest capitalized		2,751		2,819		2,218		2,315		2,406		1,235
Earnings as adjusted		758,051		896,349		932,258		1,232,465		1,152,507		842,494
Computation of fixed charges and combined fixed charges and preferred stock dividends:
Interest expense (1)		251,291		247,504		313,328		403,150		459,779		290,282
Interest capitalized		495		1,011		2,096		1,926		1,817		1,272
Operating leases		82,522		90,001		109,817		125,706		148,573		96,554
Fixed charges		334,308		338,516		425,241		530,782		610,169		388,108
Dividends declared on preferred stock		—		—		—		—		—		4,375
Combined fixed charges and preferred stock dividends		334,308		338,516		425,241		530,782		610,169		392,483
Excess in earnings required to cover fixed charges	$	423,743	$	557,833	$	507,017	$	701,683	$	542,338	$	454,386
Ratio of earnings to fixed charges (2)		2.27		2.65		2.19		2.32		1.89		2.17
Excess in earnings required to cover combined fixed charges and preferred stock dividends	$	423,743	$	557,833	$	507,017	$	701,683	$	542,338	$	450,011
Ratio of earnings to combined fixed charges and preferred stock dividends		2.27		2.65		2.19		2.32		1.89		2.15

(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.