EXHIBIT 12.1 QWEST COMMUNICATIONS INTERNATIONAL INC. CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES (AMOUNTS IN THOUSANDS, EXCEPT FOR RATIOS) (UNAUDITED) Nine Months Ended September 30, Year Ended December 31, -------------------------- ----------------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 -------------------------- ----------------------------------------------------------- Income (loss) before income taxes $ 4,454 $ (13,211) $ (10,201) $ (38,467) $ (10,685) $111,711 $ (8,562) Add: Interest on debt, net of capitalized interest 8,886 5,004 6,827 4,248 219 3,319 2,779 Interest expense portion of rental expense 1,434 1,166 1,666 1,548 1,049 1,168 825 Other - - 234 57 - - - -------------------------- ----------------------------------------------------------- Earnings available for fixed charges $ 14,774 $ (7,041) $ (1,474) $ (32,614) $ (9,417) $116,198 $ (4,958) ========================== =========================================================== Fixed Charges: Interest on debt $ 20,072 $ 6,625 $ 9,426 $ 6,161 $ 502 $ 3,319 $ 2,779 Interest expense portion of rental expense 1,434 1,166 1,666 1,548 1,049 1,168 825 Preferred stock dividend - - - - - 15,981 5,912 -------------------------- ----------------------------------------------------------- Total fixed charges $ 21,506 $ 7,791 $ 11,092 $ 7,709 $ 1,551 $ 20,468 $ 9,516 ========================== =========================================================== Ratio of earnings to fixed charges - - - - - 5.68 - Deficiency $ (6,732) $ (14,832) $ (12,566) $ (40,323) $ (10,968) $ - $(14,474) 12-1