Exhibit 12
DISCOVERY COMMUNICATIONS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(unaudited; in millions, except ratio amounts)
| Three Months Ended March 31 | Years Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations, net of taxes(a) | $ | 250 | $ | 1,137 | $ | 1,077 | $ | 956 | $ | 1,136 | $ | 659 | ||||||||||||
Add: | ||||||||||||||||||||||||
Provision for income taxes(a) | 125 | 610 | 659 | 562 | 427 | 293 | ||||||||||||||||||
(Income) loss from equity investees, net | (1 | ) | (23 | ) | (18 | ) | 86 | 35 | 57 | |||||||||||||||
Distributions of income from equity investees | 2 | 22 | 14 | 20 | 30 | 15 | ||||||||||||||||||
Total interest expense | 85 | 333 | 309 | 251 | 211 | 207 | ||||||||||||||||||
Portion of rents representative of the interest factor | 11 | 48 | 31 | 22 | 26 | 28 | ||||||||||||||||||
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Earnings, as adjusted | $ | 472 | $ | 2,127 | $ | 2,072 | $ | 1,897 | $ | 1,865 | $ | 1,259 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Total interest expense | $ | 85 | $ | 333 | $ | 309 | $ | 251 | $ | 211 | $ | 207 | ||||||||||||
Portion of rents representative of the interest factor | 11 | 48 | 31 | 22 | 26 | 28 | ||||||||||||||||||
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Total fixed charges | $ | 96 | $ | 381 | $ | 340 | $ | 273 | $ | 237 | $ | 235 | ||||||||||||
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Preferred stock dividends | — | — | — | — | — | 1 | ||||||||||||||||||
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Total combined fixed charges and preferred stock dividends | $ | 96 | $ | 381 | $ | 340 | $ | 273 | $ | 237 | $ | 236 | ||||||||||||
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Ratio of earnings to fixed charges | 4.9x | 5.6x | 6.1x | 6.9x | 7.9x | 5.4x | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 4.9x | 5.6x | 6.1x | 6.9x | 7.9x | 5.3x | ||||||||||||||||||
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| (a) | On September 17, 2012, the Company sold its postproduction audio business, whose results of operations have been reclassified to discontinued operations for all periods presented. |
