Warner Media (TWX) S-3ASR Automatic shelf registration

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	Year Ended December 31,
	2015			2014			2013			2012			2011
Earnings(1):
Net Income from continuing operations before income taxes, discontinued operations and cumulative effect of accounting change	$	5,527		$	4,769		$	5,008		$	4,138		$	3,892
Interest expense(2)(3)(4)		1,395			1,358			1,287			1,363			1,324
Portion of rents representative of an interest factor(5)		133			151			147			164			148
Adjustment for equity earnings or losses of investee companies that are 50% or less owned on a voting basis, net of cash distributions		27			77			224			184			92
Total earnings	$	7,082		$	6,355		$	6,666		$	5,849		$	5,456
Fixed Charges(1):
Interest expense(2)(3)(4)	$	1,395		$	1,358		$	1,287		$	1,363		$	1,324
Capitalized interest		10			6			6			5			4
Portion of rents representative of an interest factor(5)		133			151			147			164			148
Total fixed charges	$	1,538		$	1,515		$	1,440		$	1,532		$	1,476
Ratio of earnings to fixed charges		4.6	x		4.2	x		4.6	x		3.8	x		3.7	x

⁽¹⁾  Earnings and fixed charges include 100% of amounts related to unconsolidated subsidiaries for which the Company holds more than 50% of the voting interests.

⁽²⁾  Interest expense excludes accrued interest on uncertain tax positions that is included in income tax expense.

⁽³⁾  For the year ended December 31, 2015, 2014, 2013, 2012 and 2011, amounts include $0 million, $1 million, $2 million, $2 million and $2 million, respectively, related to discontinued operations.

⁽⁴⁾  For the year ended December 31, 2015 and 2014, amounts include $10 million and $1 million, respectively, of interest charges related to guaranteed debt of an equity method investee with a net loss.

⁽⁵⁾  For the year ended December 31, 2015, 2014, 2013, 2012 and 2011, amounts include $0 million, $15 million, $35 million, $36 million and $38 million, respectively, related to discontinued operations.