Exhibit 12 UNITED STATES CELLULAR CORPORATION RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, 1995 -------------------- (Dollars in thousands) EARNINGS Income from Continuing Operations before income taxes $ 54,190 Add (Deduct): Minority Share of Cellular Losses (66) Earnings on Equity Method (18,445) Distributions from Minority Subsidiaries 3,746 Amortization of Capitalized Interest 2 Minority interest in income of majority-owned subsidiaries that have fixed charges 953 --------------- $ 40,380 Add fixed charges: Consolidated interest expense 15,096 Interest Portion (1/3) of Consolidated Rent Expense 1,066 --------------- $ 56,542 FIXED CHARGES Consolidated interest expense 15,096 Interest Portion (1/3) of Consolidated Rent Expense 1,066 --------------- $ 16,162 RATIO OF EARNINGS TO FIXED CHARGES 3.50 =============== Tax-Effected Preferred Dividends $ --- Fixed Charges 16,162 --------------- Fixed Charges and Preferred Dividends $ 16,162 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS 3.50 ===============