Exhibit 12
Page 1
Citizens Communications Company
Statements of the Ratio of Earnings to Fixed Charges (a)
(Dollars in Thousands)
(Unaudited)
Years Ended December 31,
-------------------------------------------------------------
2005 2004 2003 2002 2001
----------- ---------- ----------- ------------ ------------
Pre-tax income (loss) from continuing operations before dividends on
convertible preferred securities, extraordinary expense and
cumulative effect of changes in accounting principle $ 284,508 $ 77,341 $ 188,689 $(1,240,005) $ (79,520)
(Income) or loss from equity investees (1,055) (1,612) (794) (1,687) (2,936)
----------- ---------- ----------- ------------ ------------
Pre-tax income (loss) from continuing operations before (income) or
loss from equity investees 283,453 75,729 187,895 (1,241,692) (82,456)
Fixed charges 349,128 390,082 430,656 489,115 400,989
Distributed income of equity investees 2,768 558 98 2,609 3,089
Interest capitalized (2,176) (2,278) (2,993) (7,390) (5,675)
Preference security dividend requirements of consolidated subsidiaries (2,008) (8,718) (10,063) (10,063) (10,063)
Carrying cost of equity forward contracts - - - - (13,650)
----------- ---------- ----------- ------------ ------------
Total earnings 631,165 455,373 605,593 (767,421) 292,234
----------- ---------- ----------- ------------ ------------
Ratio of earnings to fixed charges 1.81 1.17 1.41 (1.57) 0.73
=========== ========== =========== ============ ============
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 and 2001, earnings were insufficient
to cover fixed charges by $1.26 billion and $108.8 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,
-----------------------------------------------------------
2005 2004 2003 2002 2001
----------- ---------- ---------- ------------ ----------
Pre-tax income (loss) from continuing operations before dividends on
convertible preferred securities, extraordinary expense and cumulative
effect of changes in accounting principle $ 284,508 $ 77,341 $ 188,689 $(1,240,005) $ (79,520)
(Income) or loss from equity investees (1,055) (1,612) (794) (1,687) (2,936)
----------- ---------- ---------- ------------ ----------
Pre-tax income (loss) from continuing operations before adjustment for
minority interest in consolidated subsidiaries or (income) or loss
from equity investees 283,453 75,729 187,895 (1,241,692) (82,456)
Fixed charges 349,128 390,082 440,719 499,178 424,702
Distributed income of equity investees 2,768 558 98 2,609 3,089
Interest capitalized (2,176) (2,278) (2,993) (7,390) (5,675)
Preference security dividend requirements of consolidated subsidiaries (2,008) (8,718) (10,063) (10,063) (10,063)
Carrying cost of equity forward contracts - - - - (13,650)
----------- ---------- ---------- ------------ ----------
Total earnings $ 631,165 $ 455,373 $ 615,656 $ (757,358) $ 315,947
----------- ---------- ---------- ------------ ----------
Ratio of earnings to combined fixed charges 1.81 1.17 1.40 (1.52) 0.74
=========== ========== ========== ============ ==========
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 and 2001, earnings were insufficient
to cover fixed charges by $1.26 billion and $108.8 million, respectively.