American Tower (AMT) 10-Q 2015 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,
	2010		2011		2012		2013		2014		2015
Computation of Earnings:
Income from continuing operations before income taxes and income on equity method investments	$	556,025	$	506,895	$	701,294	$	541,749	$	865,704	$	390,500
Add:
Interest expense (1)		247,504		313,328		403,150		459,779		581,716		297,181
Operating leases		90,001		109,817		125,706		148,573		196,491		112,068
Amortization of interest capitalized		2,819		2,218		2,315		2,406		2,547		1,297
Earnings as adjusted		896,349		932,258		1,232,465		1,152,507		1,646,458		801,046
Computation of fixed charges and combined fixed charges and preferred stock dividends:
Interest expense (1)		247,504		313,328		403,150		459,779		581,716		297,181
Interest capitalized		1,011		2,096		1,926		1,817		2,822		927
Operating leases		90,001		109,817		125,706		148,573		196,491		112,068
Fixed charges		338,516		425,241		530,782		610,169		781,029		410,176
Dividends on preferred stock		—		—		—		—		23,888		36,601
Combined fixed charges and preferred stock dividends		338,516		425,241		530,782		610,169		804,917		446,777
Excess in earnings required to cover fixed charges	$	557,833	$	507,017	$	701,683	$	542,338	$	865,429	$	390,870
Ratio of earnings to fixed charges (2)		2.65		2.19		2.32		1.89		2.11		1.95
Excess in earnings required to cover combined fixed charges and preferred stock dividends	$	557,833	$	507,017	$	701,683	$	542,338	$	841,541	$	354,269
Ratio of earnings to combined fixed charges and preferred stock dividends		2.65		2.19		2.32		1.89		2.05		1.79

(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.