EXHIBIT 12.1
COMCAST CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
| Years Ended December 31, | ||||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| Earnings (loss) before fixed charges (1): | ||||||||||||||||||||
| Earnings (loss) from continuing operations before cumulative effect of accounting change | $ | 928 | $ | 970 | ($218 | ) | ($469 | ) | $ | 4 | ||||||||||
| Minority Interest | 19 | 14 | 97 | 43 | 7 | |||||||||||||||
| Income tax (benefit) expense | 933 | 826 | (16 | ) | (128 | ) | 216 | |||||||||||||
| Equity in net losses of affiliates | 47 | 88 | 60 | 63 | 16 | |||||||||||||||
| Fixed charges | 1,872 | 1,941 | 2,121 | 933 | 739 | |||||||||||||||
| Distributed income of equity investees | 4 | 2 | 1 | 1 | — | |||||||||||||||
| Less: minority interest | (37 | ) | (8 | ) | — | — | — | |||||||||||||
| $ | 3,766 | $ | 3,833 | $ | 2,045 | $ | 443 | $ | 982 | |||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | 1,796 | 1,876 | 2,018 | 870 | 708 | |||||||||||||||
| Est. int. exp. component of rent expense | 73 | 64 | 52 | 46 | 31 | |||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | 3 | 1 | 51 | 17 | — | |||||||||||||||
| $ | 1,872 | $ | 1,941 | $ | 2,121 | $ | 933 | $ | 739 | |||||||||||
| Ratio of earnings to fixed charges (1) | 2.01 | 1.97 | — | (2) | — | (2) | 1.33 | |||||||||||||
| (1) | For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees and (e) our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2) subtracting (i) interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the minority interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred security dividend is the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities. | |
| (2) | For the years ended December 31, 2003 and 2002, we had a $76 million and $490 million deficiency, respectively, of earnings to fixed charges. |