Exhibit 12.1
Citizens Communications Company
Statements of the Ratio of Earnings to Fixed Charges (a)
(Dollars in Thousands)
(Unaudited)
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| Nine Months |
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| Ended |
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| Years Ended December 31, |
| September 30, |
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| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 2004 |
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Pre-tax income (loss) from continuing operations before dividends on convertible preferred securities, extraordinary expense and cumulative effect of changes in accounting principle |
| $ | 195,509 |
| $ | (1,231,640 | ) | $ | (72,521 | ) | $ | (49,993 | ) | $ | 217,709 |
| $ | 70,493 |
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(Income) or loss from equity investees |
| (535 | ) | (780 | ) | (1,799 | ) | (1,935 | ) | (2,019 | ) | (413 | ) | ||||||
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Minority interest |
| — |
| — |
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| (12,222 | ) | (23,227 | ) | — |
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Pre-tax income (loss) from continuing operations before adjustment for minority interest in consolidated subsidiaries or (income) or loss from equity investees |
| 194,974 |
| (1,232,420 | ) | (74,320 | ) | (64,150 | ) | 192,463 |
| 70,080 |
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Fixed charges |
| 430,659 |
| 489,124 |
| 399,752 |
| 206,650 |
| 142,847 |
| 295,421 |
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Distributed income of equity investees |
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| 1,400 |
| 2,350 |
| 800 |
| 600 |
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Interest capitalized |
| (2,993 | ) | (7,390 | ) | (5,675 | ) | (4,766 | ) | (8,681 | ) | (1,722 | ) | ||||||
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Carrying cost of equity forward contracts |
| — |
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| (13,650 | ) | — |
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| — |
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Preference security dividend requirements of consolidated subsidiaries |
| (10,063 | ) | (10,063 | ) | (10,063 | ) | (10,063 | ) | (10,063 | ) | (7,547 | ) | ||||||
Total earnings |
| 612,577 |
| (759,349 | ) | 298,394 |
| 128,471 |
| 317,166 |
| 356,232 |
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Ratio of earnings to fixed charges |
| 1.42 |
| (1.55 | ) | 0.75 |
| 0.62 |
| 2.22 |
| 1.21 |
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Note: The above calculation was performed in accordance with Regulation S-K 229.503(d) Ratio of earnings to fixed charges.
(a) For the years ended December 31, 2002, 2001 and 2000, earnings were insufficient to cover fixed charges by $1.25 billion, $101.4 million and $78.2 million, respectively.