Comcast (CMCSA) 10-K 2016 FY Annual report

Exhibit 12.1

Comcast Corporation

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

Year Ended December 31 (in millions)	2016			2015			2014			2013			2012
Computation of Earnings: (a)
Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees	$	14,457		$	13,697		$	12,368		$	11,201		$	10,650
Fixed charges		3,349			3,047			2,910			2,882			2,798
Distributed income of equity investees		85			168			104			120			195
Less: Preference security dividend requirements of consolidated subsidiaries		(224	)		(223	)		(204	)		(211	)		(155	)
Less: Capitalized Interest		(40	)		—			—			—			—
Total earnings	$	17,627		$	16,689		$	15,178		$	13,992		$	13,488
Computation of Fixed Charges: (a)
Interest expensed and capitalized	$	2,956		$	2,660		$	2,609		$	2,559		$	2,508
Amortized premiums, discounts and capitalized expenses related to indebtedness		26			65			8			15			13
Less: preferred dividends in interest expense		(103	)		(102	)		(102	)		(106	)		(105	)
Portion of rents representative of an interest factor		246			201			191			203			227
Preference security dividend requirements of consolidated subsidiaries		224			223			204			211			155
Total fixed charges	$	3,349		$	3,047		$	2,910		$	2,882		$	2,798
Ratio of earnings to fixed charges(a)		5.26x			5.48x			5.22x			4.85x			4.82x

(a) 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 noncontrolling 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 pretax 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 noncontrolling interest in pretax 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 pretax earnings that is required to pay the dividends on outstanding preference securities. Interest associated with our uncertain tax positions is a component of income tax expense.