Exhibit 12
CENTURYLINK, INC.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Six Months Ended June 30, | Years Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Income before income taxes and cumulative effect of change in accounting principle | $ | 557 | 1,110 | 224 | 1,250 | 948 | 1,531 | ||||||||||||
Less: income from equity investee | (11 | ) | (22 | ) | (24 | ) | (15 | ) | (13 | ) | (16 | ) | |||||||
Add: estimated fixed charges | 759 | 1,502 | 1,486 | 1,504 | 1,223 | 616 | |||||||||||||
Add: estimated amortization of capitalized interest | 9 | 17 | 16 | 15 | 12 | 2 | |||||||||||||
Add: distributed income of equity investee | 6 | 22 | 14 | 12 | 14 | 16 | |||||||||||||
Less: interest capitalized | (29 | ) | (47 | ) | (41 | ) | (43 | ) | (25 | ) | (13 | ) | |||||||
Total earnings available for fixed charges | $ | 1,291 | 2,582 | 1,675 | 2,723 | 2,159 | 2,136 | ||||||||||||
Estimate of interest factor on rentals | $ | 75 | 144 | 147 | 142 | 126 | 58 | ||||||||||||
Interest expense, including amortization of premiums, discounts and debt issuance costs | 655 | 1,311 | 1,298 | 1,319 | 1,072 | 545 | |||||||||||||
Interest capitalized | 29 | 47 | 41 | 43 | 25 | 13 | |||||||||||||
Total fixed charges | $ | 759 | 1,502 | 1,486 | 1,504 | 1,223 | 616 | ||||||||||||
Ratio of earnings to fixed charges | 1.70 | 1.72 | 1.13 | 1.81 | 1.77 | 3.47 |