EXHIBIT 12 U S WEST, Inc. RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in Millions) Quarter Ended 9/30/95 9/30/94 Income before income taxes $ 538 $ 514 Interest expense (net of amounts capitalized) 137 104 Interest factor on rentals (1/3) 22 23 Equity losses in unconsolidated ventures 2 - Guaranteed minority interest expense 2 - -------- -------- Earnings $ 701 $ 641 Interest expense 156 114 Interest factor on rentals (1/3) 22 23 Guaranteed minority interest expense 2 - Preferred stock dividends 2 - -------- -------- Fixed charges $ 182 $ 137 Ratio of earnings to fixed charges 3.85 4.68 - ------------------------------------------ -------- -------- Year-to-Date 9/30/95 9/30/94 Income before income taxes $ 1,590 $ 1,645 Interest expense (net of amounts capitalized) 404 323 Interest factor on rentals (1/3) 71 70 Equity losses in unconsolidated ventures 28 - Guaranteed minority interest expense 2 - -------- -------- Earnings $ 2,095 $ 2,038 Interest expense 448 348 Interest factor on rentals (1/3) 71 70 Guaranteed minority interest expense 2 - Preferred stock dividends 5 - -------- -------- Fixed charges $ 526 $ 418 Ratio of earnings to fixed charges 3.98 4.88 - ------------------------------------------- -------- --------