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| Exhibit 12 | |||
UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||
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(Dollars in thousands) | 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 | |||||||
EARNINGS: |
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Income before income taxes (1) | $ | 257,656 |
| $ | 205,053 |
| $ | 312,822 |
| $ | 241,116 |
| $ | 349,165 | ||
Add (deduct): |
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| Equity in earnings of unconsolidated entities |
| (131,949) |
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| (90,364) |
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| (83,566) |
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| (97,318) |
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| (96,800) | |
| Distributions from unconsolidated entities |
| 125,660 |
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| 84,417 |
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| 91,768 |
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| 100,359 |
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| 91,105 | |
| Amortization of capitalized interest |
| 3,704 |
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| 855 |
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| 613 |
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| 492 |
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| 320 | |
| Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges |
| (6,575) |
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| (30,122) |
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| (24,247) |
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| (23,869) |
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| (22,663) | |
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| 248,496 |
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| 169,839 |
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| 297,390 |
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| 220,780 |
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| 321,127 |
Add fixed charges: |
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| Consolidated interest expense (2) |
| 43,963 |
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| 42,393 |
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| 65,614 |
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| 61,555 |
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| 78,199 | |
| Interest portion (1/3) of consolidated rent expense |
| 38,783 |
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| 47,394 |
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| 44,130 |
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| 42,550 |
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| 41,305 | |
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| $ | 331,242 |
| $ | 259,626 |
| $ | 407,134 |
| $ | 324,885 |
| $ | 440,631 |
FIXED CHARGES: |
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| Consolidated interest expense (2) | $ | 43,963 |
| $ | 42,393 |
| $ | 65,614 |
| $ | 61,555 |
| $ | 78,199 | |
| Capitalized interest |
| 18,382 |
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| 17,930 |
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| 10,064 |
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| 2,446 |
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| 1,647 | |
| Interest portion (1/3) of consolidated rent expense |
| 38,783 |
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| 47,394 |
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| 44,130 |
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| 42,550 |
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| 41,305 | |
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| $ | 101,128 |
| $ | 107,717 |
| $ | 119,808 |
| $ | 106,551 |
| $ | 121,151 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.28 |
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| 2.41 |
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| 3.40 |
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| 3.05 |
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| 3.64 | ||
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(1) | Includes non-cash charges related to losses on impairment of $14.0 million in 2009. | |||||||||||||||
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| Includes gain on sale of business and other exit costs, net of $246.8 million in 2013 and loss on sale of business and other exit costs, net of $21.0 million in 2012. | |||||||||||||||
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| Includes gain on license sales and exchanges of $255.5 million in 2013 and $11.8 million in 2011. | |||||||||||||||
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| Includes gain on investments of $18.6 million in 2013 and $11.4 million in 2011 and loss on investment of $3.7 million in 2012. | |||||||||||||||
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(2) | Interest expense on income tax contingencies is not included in fixed charges. | |||||||||||||||