Exhibit 12
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Page 1
Citizens Communications Company
Statements of the Ratio of Earnings to Fixed Charges (a)
(Dollars in Thousands)
(Unaudited)
Years Ended December 31,
------------------------------------------------------------------------
2002 2001 2000 1999 1998
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Pre-tax income (loss) from continuing operations before
dividends on convertible preferred securities,
extraordinary expense and cumulative effect of changes
in accounting principle $(1,231,640) $ (72,521) $ (49,993) $ 217,709 $ 69,314
(Income) or loss from equity investees (780,251) (1,799) (1,935) (2,019) (1,163)
Minority interest - - (12,222) (23,227) (14,032)
------------ ------------- ------------- ------------- ----------
Pre-tax income (loss) from continuing operations before
adjustment for minority interest in consolidated
subsidiaries or (income) or loss from equity investees (2,011,891) (74,320) (64,150) 192,463 54,119
Fixed charges 492,191 401,437 206,650 142,847 125,798
Amortization of capitalized interest - - - - -
Distributed income of equity investees 1,400 2,350 800 600 1,100
Interest capitalized (7,390) (5,675) (4,766) (8,681) (10,444)
Carrying cost of equity forward contracts - (13,650) - - -
Preference security dividend requirements of consolidated
subsidiaries (10,063) (10,063) (10,063) (10,063) (10,063)
------------ ------------- ------------- ------------- ----------
Total earnings (1,535,753) 300,079 128,471 317,166 160,510
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Ratio of earnings to fixed charges (3.12) 0.75 0.62 2.22 1.28
============ ============= ============= ============= ==========
Note : The above calculation was performed in accordance with Regulation S-K 229.503(d) Ratio of earnings to fixed charges.
(a) For the years ended December 31, 2002, 2001 and 2000, earnings were insufficient to cover fixed charges by $2.03 billion,
$101.4 million and $78.2 million, respectively.
Exhibit 12
Page 2
Citizens Communications Company
Statements of the Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (a)
(Dollars in Thousands)
(Unaudited)
Years Ended December 31,
---------------------------------------------------------------
2002 2001 2000 1999 1998
------------- ----------- ----------- ------------- -----------
Pre-tax income (loss) from continuing operations before
dividends on convertible preferred securities, extraordinary
expense and cumulative effect of changes in principle $(1,231,640) $ (72,521) $ (49,993) $ 217,709 $ 69,314
(Income) or loss from equity investees (780,251) (1,799) (1,935) (2,019) (1,163)
Minority interest - - (12,222) (23,227) (14,032)
------------- ----------- ----------- ------------- -----------
Pre-tax income (loss) from continuing operations before
adjustment for minority interest in consolidated subsidiaries
or (income) or loss from equity investees (2,011,891) (74,320) (64,150) 192,463 54,119
Fixed charges 502,255 425,150 216,713 152,910 135,861
Amortization of capitalized interest - - - - -
Distributed income of equity investees 1,400 2,350 800 600 1,100
Interest capitalized (7,390) (5,675) (4,766) (8,681) (10,444)
Preference security dividend requirements of consolidated
subsidiaries (10,063) (10,063) (10,063) (10,063) (10,063)
Carrying cost of equity forward contracts - (13,650) - - -
------------- ----------- ----------- ------------- -----------
Total earnings $(1,525,689) $ 323,792 $ 138,534 $ 327,229 $ 170,573
------------- ----------- ----------- ------------- -----------
Ratio of earnings to combined fixed charges (3.04) 0.76 0.64 2.14 1.26
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Note : The above calculation was performed in accordance with Regulation S-K 229.503(d) Ratio of earnings to fixed charges.
(a) For the years ended December 31, 2002, 2001 and 2000, earnings were insufficient to cover combined fixed charges
by $2.03 billion, $101.4 million and $78.2 million, respectively.