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)
| Years Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
Income from continuing operations, net of taxes(a) | $ | 1,218 | $ | 1,048 | $ | 1,137 | $ | 1,077 | $ | 956 | ||||||||||
| Add: | ||||||||||||||||||||
Provision for income taxes(a) | 453 | 511 | 610 | 659 | 562 | |||||||||||||||
| Loss (income) from equity investees, net | 38 | (1 | ) | (23 | ) | (18 | ) | 86 | ||||||||||||
| Distributions of income from equity investees | 6 | 8 | 22 | 14 | 20 | |||||||||||||||
| Total interest expense | 360 | 332 | 333 | 309 | 251 | |||||||||||||||
| Portion of rents representative of the interest factor | 41 | 44 | 48 | 31 | 22 | |||||||||||||||
| Earnings, as adjusted | $ | 2,116 | $ | 1,942 | $ | 2,127 | $ | 2,072 | $ | 1,897 | ||||||||||
| Fixed charges: | ||||||||||||||||||||
| Total interest expense | $ | 360 | $ | 332 | $ | 333 | $ | 309 | $ | 251 | ||||||||||
| Portion of rents representative of the interest factor | 41 | 44 | 48 | 31 | 22 | |||||||||||||||
| Total fixed charges | $ | 401 | $ | 376 | $ | 381 | $ | 340 | $ | 273 | ||||||||||
| Preferred stock dividends | — | — | — | — | — | |||||||||||||||
| Total combined fixed charges and preferred stock dividends | $ | 401 | $ | 376 | $ | 381 | $ | 340 | $ | 273 | ||||||||||
| Ratio of earnings to fixed charges | 5.3 | x | 5.2 | x | 5.6 | x | 6.1 | x | 6.9 | x | ||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 5.3 | x | 5.2 | x | 5.6 | x | 6.1 | x | 6.9 | x | ||||||||||
(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.