Cincinnati Bell (BDWGP) 10-K 2009 FY Annual report

Exhibit 12.1

Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(dollars in millions)

	Year ended December 31,
	2009		2008		2007		2006		2005
Pre-tax income from continuing operations before adjustment for noncontrolling interests/minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges*	$	292.5	$	323.7	$	291.8	$	324.0	$	170.4
Fixed charges:
Interest expensed and capitalized		132.9		142.8		158.5		163.1		185.0
Appropriate portion of rentals		6.4		6.9		7.0		7.6		7.1
Total fixed charges		139.3		149.7		165.5		170.7		192.1
Pre-tax income required to pay preferred dividends		17.9		17.9		18.5		18.6		17.3
Total combined fixed charges and preferred dividends	$	157.2	$	167.6	$	184.0	$	189.3	$	209.4
Ratio of earnings to fixed charges		2.1		2.2		1.8		1.9		—
Coverage deficiency**		n/a		n/a		n/a		n/a	$	21.7
Ratio of earnings to combined fixed charges and preferred dividends		1.9		1.9		1.6		1.7		—
Coverage deficiency**		n/a		n/a		n/a		n/a	$	39.0

* Earnings used in computing the ratio of earnings to combined fixed charges and preferred dividends consists of income from continuing operations before income taxes, adjustment for noncontrolling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest.

** For the period in which a coverage deficiency is presented, earnings were inadequate to cover fixed charges or combined fixed charges and preferred dividends by the amount of the deficiency.