AT&T (T) 10-Q 2016 Q2 Quarterly report

																			EXHIBIT 12
AT&T INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
	Six Months Ended
	June 30,						Year Ended December 31,
	(Unaudited)
	2016			2015			2015			2014			2013			2012			2011
Earnings:
Income from continuing operations before income taxes	$	11,428		$	9,650		$	20,692		$	10,355		$	28,050		$	10,496		$	6,998
Equity in net income of affiliates included above		(41	)		(33	)		(79	)		(175	)		(642	)		(752	)		(784	)
Fixed charges		3,644			2,924			6,592			5,295			5,452			4,876			4,835
Distributed income of equity affiliates		19			10			30			148			318			137			161
Interest capitalized		(437	)		(339	)		(797	)		(234	)		(284	)		(263	)		(162	)
Earnings, as adjusted	$	14,613		$	12,212		$	26,438		$	15,389		$	32,894		$	14,494		$	11,048
Fixed Charges:
Interest expense	$	2,465		$	1,831		$	4,120		$	3,613		$	3,940		$	3,444		$	3,535
Interest capitalized		437			339			797			234			284			263			162
Portion of rental expense representative of interest factor		742			754			1,675			1,448			1,228			1,169			1,138
Fixed Charges	$	3,644		$	2,924		$	6,592		$	5,295		$	5,452		$	4,876		$	4,835
Ratio of Earnings to Fixed Charges		4.01			4.18			4.01			2.91			6.03			2.97			2.29