EXHIBIT 12 U S WEST, Inc. RATIO OF EARNINGS TO FIXED CHARGES (Dollars in Millions) Three Months Ended 3/31/96 3/31/95 - ------------------------------------------------- --------- --------- Income before income taxes and cumulative effect of change in accounting principle $489 $538 Interest expense (net of amounts capitalized) 135 128 Interest factor on rentals (1/3) 22 22 Equity losses in unconsolidated ventures 27 - Guaranteed minority interest expense 12 - --------- --------- Earnings $685 $688 Interest expense 159 139 Interest factor on rentals (1/3) 22 22 Guaranteed minority interest expense 12 - --------- --------- Fixed charges $193 $161 Ratio of earnings to fixed charges 3.55 4.27 - ------------------------------------------------- --------- ---------