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| Exhibit 12 |
UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
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| Six Months Ended | ||||
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| June 30, | ||||
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| 2014 |
| 2013 | ||
(Dollars in thousands) |
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EARNINGS: |
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| Income before income taxes (1) | $ | 1,158 |
| $ | 282,436 | |||
| Add (deduct): |
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| Equity in earnings of unconsolidated entities |
| (70,195) |
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| (62,437) | ||
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| Distributions from unconsolidated entities |
| 65,565 |
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| 45,370 | ||
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| Amortization of capitalized interest |
| 2,800 |
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| 878 | ||
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| Income attributable to noncontrolling interests in subsidiaries |
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| that do not have fixed charges |
| (819) |
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| (6,328) | |
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| $ | (1,491) |
| $ | 259,919 |
| Add fixed charges: |
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| Consolidated interest expense (2) |
| 29,198 |
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| 21,064 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 16,276 |
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| 22,176 | ||
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| $ | 43,983 |
| $ | 303,159 |
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FIXED CHARGES: |
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| Consolidated interest expense (2) | $ | 29,198 |
| $ | 21,064 | ||
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| Capitalized interest |
| 1,982 |
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| 10,208 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 16,276 |
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| 22,176 | ||
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| $ | 47,456 |
| $ | 53,448 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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| 5.67 | ||||
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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 $17.4 million in 2014, and Gain on sale of business and other exit costs, net of $242.1 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 for the six months ended June 30, 2014 were inadequate to cover fixed charges by $3.5 million. |