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| Exhibit 12 |
UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
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| Nine Months Ended | ||||
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| September 30, | ||||
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| 2014 |
| 2013 | ||
(Dollars in thousands) |
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EARNINGS: |
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| Income before income taxes (1) | $ | (24,072) |
| $ | 266,402 | |||
| Add (deduct): |
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| Equity in earnings of unconsolidated entities |
| (106,166) |
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| (99,797) | ||
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| Distributions from unconsolidated entities |
| 74,853 |
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| 49,612 | ||
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| Amortization of capitalized interest |
| 4,816 |
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| 1,920 | ||
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| Income attributable to noncontrolling interests in subsidiaries |
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| that do not have fixed charges |
| (935) |
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| (6,914) | |
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| $ | (51,504) |
| $ | 211,223 |
| Add fixed charges: |
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| Consolidated interest expense (2) |
| 42,712 |
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| 32,393 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 24,179 |
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| 30,551 | ||
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| $ | 15,387 |
| $ | 274,167 |
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FIXED CHARGES: |
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| Consolidated interest expense (2) | $ | 42,712 |
| $ | 32,393 | ||
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| Capitalized interest |
| 3,720 |
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| 14,259 | ||
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| Interest portion (1/3) of consolidated rent expense |
| 24,179 |
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| 30,551 | ||
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| $ | 70,611 |
| $ | 77,203 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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| 3.55 | ||||
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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 $27.7 million in 2014, and Gain on sale of business and other exit costs, net of $243.6 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 nine months ended September 30, 2014 were inadequate to cover Fixed charges by $55.2 million. | ||||||||