United States Cellular Corporat (UZD) 10-K2009 FY Annual report

Filed: 25 Feb 10, 12:00am

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Readability	6th grade Avg

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Exhibit 12

UNITED STATES CELLULAR CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

For the Year Ended December 31

(Dollars in thousands)	2009			2008			2007			2006			2005
EARNINGS:
Income before income taxes(1)	$	351,879		$	66,128		$	546,501		$	313,138		$	261,347
Add (deduct):
Equity in earnings of unconsolidated entities	(96,800		)	(91,981		)	(90,033		)	(93,119		)	(66,719		)
Distributions from unconsolidated entities	91,105			91,845			86,873			77,835			52,112
Amortization of capitalized interest	320			—			—			—			—
Income attributable to noncontrolling interests in subsidiaries that do not have fixed charges	(22,663		)	(26,131		)	(23,481		)	(15,999		)	(12,478		)
	$	323,841		$	39,861		$	519,860		$	281,855		$	234,262
Add fixed charges:
Consolidated interest expense(2)	76,367			77,190			84,679			93,674			84,867
Interest portion (1/3) of consolidated rent expense	39,135			37,585			35,461			30,659			30,142
	$	439,343		$	154,636		$	640,000		$	406,188		$	349,271

FIXED CHARGES:
Consolidated interest expense(2)	76,367			77,190			$	84,679		$	93,674		$	84,867
Capitalized interest	1,647			2,805			—			—			—
Interest portion (1/3) of consolidated rent expense	39,135			37,585			35,461			30,659			30,142
	$	117,149		$	117,580		$	120,140		$	124,333		$	115,009

RATIO OF EARNINGS TO FIXED CHARGES	3.75			1.32			5.33			3.27			3.04

(1) Includes non-cash charges related to losses on impairments as follows: 2009: $14.0 million; 2008: $386.7 million; 2007: $24.9 million.

Includes fair value adjustment of derivative instruments and gain on disposition of investments as follows: 2008: $16.6 million; 2007: $132.6 million; 2006: $7.4 million; 2005: $38.8 million.

(2) Interest expense on income tax contingencies is not included in fixed charges.