Lumen (LUMN) 10-Q 2016 Q3 Quarterly report

Exhibit 12

CENTURYLINK, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

	Nine Months Ended September 30,			Years Ended December 31,
	2016			2015		2014		2013		2012		2011
	(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle	$	946		1,316		1,110		224		1,250		948
Less: income from equity investee	(21		)	(25	)	(22	)	(24	)	(15	)	(13	)
Add: estimated fixed charges	1,153			1,516		1,502		1,486		1,504		1,223
Add: estimated amortization of capitalized interest	15			19		17		16		15		12
Add: distributed income of equity investee	19			19		22		14		12		14
Less: interest capitalized	(38		)	(52	)	(47	)	(41	)	(43	)	(25	)
Total earnings available for fixed charges	$	2,074		2,793		2,582		1,675		2,723		2,159
Estimate of interest factor on rentals	$	117		152		144		147		142		126
Interest expense, including amortization of premiums, discounts and debt issuance costs	998			1,312		1,311		1,298		1,319		1,072
Interest capitalized	38			52		47		41		43		25
Total fixed charges	$	1,153		1,516		1,502		1,486		1,504		1,223
Ratio of earnings to fixed charges	1.80			1.84		1.72		1.13		1.81		1.77