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| Exhibit 12 |
UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
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| Three Months Ended | ||||
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| March 31, | ||||
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| 2014 |
| 2013 | ||
(Dollars in thousands) |
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EARNINGS: |
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| Income before income taxes (1) | $ | 31,008 |
| $ | 18,079 | |||
| Add (deduct): |
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| Equity in earnings of unconsolidated entities |
| (37,075) |
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| (26,835) | ||
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| Distributions from unconsolidated entities |
| 12,818 |
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| 5,836 | ||
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| Amortization of capitalized interest |
| 1,788 |
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| 251 | ||
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| Income attributable to noncontrolling interests in subsidiaries |
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| that do not have fixed charges |
| (329) |
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| (5,921) | |
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| $ | 8,210 |
| $ | (8,590) |
| Add fixed charges: |
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| Consolidated interest expense (2) |
| 14,862 |
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| 10,910 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 8,170 |
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| 11,979 | ||
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| $ | 31,242 |
| $ | 14,299 |
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FIXED CHARGES: |
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| Consolidated interest expense (2) | $ | 14,862 |
| $ | 10,910 | ||
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| Capitalized interest |
| 906 |
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| 4,722 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 8,170 |
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| 11,979 | ||
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| $ | 23,938 |
| $ | 27,611 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 1.31 |
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(1) | Includes Gain on license sales and exchanges of $91.4 million and Gain on sale of business and other exit costs, net of $6.9 million in 2014, and Loss on sale of business and other exit costs, net of $6.9 million in 2013. | ||||||||
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(2) | Interest expense on income tax contingencies is not included in fixed charges. | ||||||||
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* | Earnings were inadequate to cover fixed charges by $13.3 million in the three months ended March 31, 2013. |