EXHIBIT 12 U S WEST, Inc. RATIO OF EARNINGS TO FIXED CHARGES (Dollars in Millions) Quarter Ended 3/31/97 3/31/96 - -------------------------------------------------- -------- Income before income taxes, extra- ordinary item and cumulative effect of change in accounting principles $400 $489 Interest expense (net of amounts capitalized) 278 135 Interest factor on rentals (1/3) 25 22 Equity losses in unconsolidated ventures (less than 50% owned) 105 27 Guaranteed minority interest expense 22 12 -------- -------- Earnings $830 $685 Interest expense $288 $159 Interest factor on rentals (1/3) 25 22 Guaranteed minority interest expense 22 12 -------- -------- Fixed charges $335 $193 Ratio of earnings to fixed charges 2.48 3.55 - -------------------------------------------------- --------